New research by Benham and Reeves reveals that Cornwall has the highest number of second homes in the UK, with 9,425 properties. However, the highest market value for second homes is found in London's Kensington and Chelsea, and Westminster boroughs. Across England and Wales, there are 141,245 second homes, with flats being the most popular property type, especially in London where they comprise 87% of second homes. The total market value of second homes stands at £42.761 billion, with Kensington and Chelsea alone valued at over £6 billion. This highlights the differing dynamics between quantity and value in the UK property market.
The findings indicate that there are 141,245 second homes across England and Wales. Flats are the most popular choice for second homes, making up 42% of the total, while detached properties account for 24%. This preference for flats is consistent across most regions in the UK. However, in the East Midlands (28%), East of England (34%), and Wales (41%), detached homes are the most common type of second home. In the North East, terraced homes are particularly popular, comprising 38% of all second homes.
In London, the trend towards flats is even more pronounced, with 87% of all second homes in the capital being flats. This is a stark contrast to other regions, where a more diverse range of property types is seen in the second home market. Cornwall stands out as the leading location for second homes in terms of numbers, with 9,425 second homes, more than any other local authority in England and Wales. However, when it comes to market value, the boroughs of Kensington and Chelsea, and Westminster in London, hold the top spots. These areas are considered the most prestigious markets for second homes in the country.
Benham and Reeves estimate that the total market value of second homes across England and Wales currently stands at a substantial £42.761 billion. Kensington and Chelsea top the list at the local authority level, with the second home market in this area valued at over £6 billion. Westminster follows closely, with an estimated value of £4.103 billion. Outside of London, Cornwall ranks as the most valuable second home market, with a value of £2.873 billion. Other significant markets include Tower Hamlets (£1.375 billion), North Yorkshire (£1.036 billion), and South Hams (£1.031 billion), all of which boast second home markets worth over £1 billion.
In conclusion, the research by Benham and Reeves paints a comprehensive picture of the second home market across England and Wales. It demonstrates that while some regions like Cornwall are popular for the sheer number of second homes, others, particularly in London, lead in terms of market value. This contrast between quantity and value reflects the varying dynamics of the UK's property market, influenced by factors such as location, property type, and regional demand.
Advertisement
Facebook
Whatsapp
