There's no place like a holiday home

14 August 2006
More British owners of holiday homes have chosen the UK as their preferred nation for a second residence than anywhere else in the world, according to new research from Halifax.

As the average property owner in the UK becomes more affluent, the temptation for many to purchase a second property has become stronger - so much so that around 3.5 million Britons now own a holiday home.

Nearly a third (28 per cent) of owners said they had property in the UK, with the most popular region being the South West. The most popular overseas location was Spain (16 per cent).

Holiday homes fulfil two main functions - as a place to escape to on holiday at the drop of a hat and with relatively little hassle and an investment for the long term, with property prices almost perennially on the rise.

The practise of second home ownership is becoming more mainstream from generation to generation as property becomes one of the most lucrative investment markets to be involved in.

Halifax's figures show that around seven per cent of people plan to purchase a holiday home in the next five years, which means the number of people owning a second property could double in that time.

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