News: Britons own more second homes than accepted

There could be as many as 350,000 second homes in England with a further 260,000 abroad, according to a new report from Savills Research.

The international property services group says this is 1000,000 more than government estimates, of which they remain unconvinced.

One in three homes in some counties are now second homes, with Cornwall and London continuing to dominate the second home market. Over 20% of second homes are in the South-West, which includes the popular counties of Cornwall, Devon and Dorset.

But the pattern is changing with Norfolk, Birmingham and Manchester all seeing significant upward movements in the charts.

Savills say that wherever the proportion of second homes exceeds 20% prices will be affected in a way that impairs local affordability.

Second home buyers are generally in their forties, with a professional career or working in financial services.

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