Appetite for second homes in the UK

According to a recent study by Nationwide Building Society, 10% of those questioned own a second property in the UK and a further 14% would consider buying a second property here.

Based on this research, if all these people owned a second property, almost 1 in 4 people in the UK would have a second home. The most popular reason for owning a second property was for buy to let purposes (55%). Almost one third (32%) of people purchased their second home for personal use and 7% let out their second property as a holiday home.

Respondents were also asked what the important factors were when deciding on which area to buy a second property in:

Almost half (48%) of those questioned felt that the prospect of good letting opportunities, was a key factor;

This was closely followed by the prospect of strong house price
growth in the area (44%);

Almost one third (32%) said that proximity to shops and
entertainment would be something that they would look for when buying a second property;

22% felt that being close to relatives was an important factor;

19% said that the property being on the coast was important;

18% said they felt that the area being a natural beauty spot was important.

Two thirds (66%) of those without a second property claimed a lack of finances would prevent them from purchasing a second home.

The most popular place to purchase a second home is in the South East of England (17%) in locations such as Hampshire or Kent. This was closely followed by the South West, including places like Cornwall and Devon (14%).

Other regional results:

Those living in the North West (75%) were the most likely to own a second home for personal use, whilst residents of London (56%) were more likely to have a second property to let out;


Those from Northern Ireland who would not consider buying a UK second property were most likely to want to purchase a second property outside the UK (24%), whereas the Welsh (5%) were least likely to consider doing this;

A peaceful location was most likely to influence the purchasing decision of possible buyers living in the North East (100%), while those living in Scotland (30%) were least likely to be concerned about this.

Nationwide senior economist, Martin Gahbauer, said: "Purchasers of second homes - be they for personal use or to let out - are an important source of housing demand and have probably helped push up prices in many areas of the country. However, current market conditions may have an impact on this part of the housing market.

"While second home buyers will often be able to draw on large house price gains from the past decade, this advantage is not available to local first time buyers, who face challenges in their attempts to get on the housing ladder. One must not forget, however, that second home buyers also make important contributions to the local economy through their support of local businesses."