Yopa reveals value of second homes in England Wales and they are worth huge sum
Yopa reveals value of second homes in England Wales and they are worth huge sum
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Research has revealed that the second homes market in England and Wales is valued at over £43bn. According to estate agents Yopa, flats are the most common type of second home property in most areas, while terraced homes are more popular in the North East and detached homes in the east of England, Wales, and the East Midlands. The South West has the highest number of second homes, making up 21% of the total.
In London, there are an estimated 24,880 second homes, worth around £11.6bn in the current market. Yopa's chief executive, Verona Frankish, commented: "Whilst there is a robust number of second homes across all regions of England and Wales, it’s a market that is largely dominated by London and the South West and for two contrasting reasons.
"London is one of the most desirable property markets in the world and attracts a high level of foreign investment, as well as second home purchases for those who desire the professional convenience of a property within the capital that removes the need for a lengthy commute.
"The South West, however, is very much a holiday hotspot with second home purchases driven by the allure of having a coastal bolthole to escape to during the summer months. Unfortunately, both regions are home to some of the highest house prices across England and Wales, meaning that those who do have their sights set on a second home purchase are now set to pay considerably more for the pleasure, following the government’s decision to raise second home stamp duty thresholds to 5%.".
