News

Second homes reached new high during 2009

24 February 2010

The number of UK second homes reaches a new high in 2009, increasing 2.6% to an all-time record of 245,384, according to recent research*.

Following a 0.4% decrease in the number of second homes in 2008, 2009 saw another 6,212 properties registered, thanks to renewed economic and consumer confidence and the return of buyers who postponed purchases in recent years. The combination of low interest and a weak pound have also been instrumental in this recovery, as buyers focused on second homes in the UK rather than abroad.

Despite this positive outlook, agents have warned that continued growth would be dependent on the supply of properties to the market, which currently stands at 20% below the long-term average.

The top second-home destinations in 2009 were in Devon and also the City of London, where nearly a quarter of residential property were classified as second homes.

* Research by Knight Frank

Source: Financial Times

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