Second Home Explosion

The British obsession with property investment could generate an explosion of second homes buying in the UK in the next ten years.

In a study published by Direct Line Insurance, it was predicted that the number of Britons owning second homes in the UK could rise by up to 24 per cent, up to a staggering 75,000 homes.

Traditionally, Britons have invested in property overseas in warm retirement regions, such as Spain, Greece and more recently Cyprus.

However, increasing temperatures in the UK, coupled with a rise in affluence among many British citizens is predicted to drive many into purchasing a second home in areas such as Bradford and around the Northumberland coast.

With affordable housing and an increasing student population, Birmingham is also foreseen to be a second home hotspot.

Buying a second home in an upcoming development or regeneration area is also a trend that didn't go unnoticed in the new survey.

Date: 30.08.05