Over 2 million Brits own a second home in the UK

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by Kay Murchie

Research from the Office for National Statistics (ONS) has revealed that over 2 million people own a second home in Britain.

A second home is considered a country house for those who live in a city or a town house for those living in the countryside.

Furthermore, a growing number own a buy-to-let property which is typically a flat in a city centre.

The figures show the significant wealth that is tied up in housing, however, experts say they also highlight the risks homeowners face if there is a property crash.

The research shows those who live in the South-East are most likely to be among the 2.1 million with more than one property. 7% of adults in the region own a second home, compared with only 3% in the North-East, North-West and the Midlands.

The most popular areas for second homes include the coasts of Norfolk and Cornwall and Devon, these areas appeal to large families during the school holidays.

Another common location is a flat in Central London for a young professional couple, whose family home is in the countryside.

Savills estate agents established that such homebuyers are most likely to be professionals in their forties, such as lawyers and doctors, or those who work in the financial services sector.

Others may have inherited a property from family members such as parents or grandparents.