10
Oct
Second home ownership on the up
Ownership of a second home is becoming increasingly commonplace in
Britain, new figures have revealed.
According to a study from Nationwide one in ten Britons now own a
second property, while 14 per cent respondents said they would like
to own one in the future.
The survey's results bear out the increasing popularity among
homebuyers of buy to let deals.
While 32 per cent said the home was for personal use and seven per
cent let out the house as a holiday home, the overwhelming majority
opt to rent out their second property.
Martin Gahbauer of Nationwide 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.
"One must not forget...that second home buyers also make important
contributions to the local economy through their support of local
businesses," he added.
The study comes in the wake of figures from the Council of Mortgage
Lenders (CML) which revealed that while loans for house purchase
declined over August, the buy to let sector remains buoyant.
According to the CML's figures, other lending, much of which is
accounted for by buy to let mortgages, was up 37 per cent.
