Second UK home for two million Brits
February 6, 2008
According to a recent report around 5% of the adult population in Britain has a second home in the UK, equating to more than two million people with a second home. The figures show that more than two million people have a family home and on top of that have another property within the UK.
This reflects the level of consumer wealth that is tied up in the property market, but these wealth levels could drop considerably, particularly for those with second homes, if house prices continue to fall as predicted.
The figures were put together by the Office for National Statistics. In most cases the second home is one that is in a different environment to the one in which the person lives on a day to day basis. For example, those that live in towns and cities tend to have a second home in the country, and those that live in the country tend to have a second home in a town or city. Many of those with second homes own their own family property plus a buy to let property, which is often a city centre flat.
Those that are most likely to own more than one home are people living in the South East. Around 7% of adults in this area own a second home. However, only 3% own a second home in areas such as the North-East, North-West and the Midlands. The Norfolk, Devon, and Cornwall costs are amongst the most popular destinations for second properties, as many families enjoy a holiday in these areas.
The figures were part of the Wealth and Assets Survey by the Office of National Statistics. The data also showed that many Brits also own a second home overseas, with some of the most popular destinations including France, Spain, and Florida.
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