{"id":690,"date":"2015-08-23T00:00:00","date_gmt":"2015-08-23T00:00:00","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/second-homes-in-england-increase\/"},"modified":"2016-09-08T15:43:54","modified_gmt":"2016-09-08T15:43:54","slug":"second-homes-in-england-increase","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/second-homes-in-england-increase\/","title":{"rendered":"Second Homes in England Increase"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p class=\"style58\" style=\"margin-top: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">A positive sign for the UK housing market comes in the form of data showing the amount of second homes in England has risen. The number of second homes in England rose by 2.6% in 2009 following a contraction in 2008 of -0.4%. This rise, which equated to 6,212 additional second homes, pushed the total to an all-time record of 245,384. <\/span><\/p>\n<p class=\"style58\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">Liam Bailey, head of residential research at Knight Frank, comments: \u201cThe number of second homes in England has been steadily rising over recent years. The recession and credit crunch saw this trend falter in 2008 \u2013 when the total fell by 912 (or 0.4%). The recovery in 2009 \u2013 with an additional 6,212 English second-homes, marked a return to long term growth. <\/span><\/p>\n<p class=\"style58\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">\u201cOur experience points to four clear reasons for the upturn in demand for second homes: <\/span><\/p>\n<p class=\"style59\" style=\"margin-bottom: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">1.) Confidence &#8211; renewed economic and consumer confidence in early 2009 encouraged more affluent buyers to reconsider purchases they had put on hold in 2008.<\/span><\/p>\n<p class=\"style59\" style=\"margin-top: 0px; margin-bottom: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">2.) Finance costs &#8211; very low interest rates encouraged demand from wealthy buyers <\/span><\/p>\n<p class=\"style59\" style=\"margin-top: 0px; margin-bottom: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">3.) Currency change &#8211; a weaker pound made house purchases in the Eurozone more expensive and encouraged buyers to look at second homes in the UK<\/span><\/p>\n<p class=\"style59\" style=\"margin-top: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">4.) Investment alternatives \u2013 very weak returns on cash investments and nervousness over equity market volatility drove investors to consider property investment options again <\/span><\/p>\n<p class=\"style59\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">\u201cWider social trends have been pushing the demand for UK based second homes over recent years. There is a perception of a \u201cgreen\u201d credential that attaches itself to holidays in the UK, in addition, the \u201clocalism\u201d trend, popularised by programmes like River Cottage has also encouraged an exploration of more local holiday options. In 2009 these trends combined with the \u201cstaycation\u201d mood to drive demand. <\/span><\/p>\n<p class=\"style59\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">\u201cThe demand for UK second homes supported the surprise success story of the house-building market in 2009, when new-build second home investments saw very strong demand \u2013 especially in markets like Newquay in Cornwall. <\/span><\/p>\n<p class=\"style59\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">\u201cLooking forward to 2010 our view is that growth in demand ought to continue \u2013 but the potential growth in second home numbers will be determined by the supply of <a href=\"https:\/\/www.thehouseshop.com\/property-for-sale\" title=\"properties for sale\">properties for sale<\/a> \u2013 early indications this year suggest that supply in the main second-home hotspots is still 20% below the long-term average.\u201d<\/span><\/p>\n<p class=\"style59\" style=\"margin-bottom: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">Key second homes stats at a glance\u2026<\/span><\/p>\n<p class=\"style59\" style=\"margin-top: 0px; margin-bottom: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">Year Total second homes Annual change (Nos.) Annual % change<\/span><\/p>\n<p class=\"style59\" style=\"margin-top: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">(England)<\/span><\/p>\n<p class=\"style59\" style=\"margin-bottom: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">2005 229,186 NA NA<\/span><\/p>\n<p class=\"style59\" style=\"margin-top: 0px; margin-bottom: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">2006 236,331 7,145 3.1%<\/span><\/p>\n<p class=\"style59\" style=\"margin-top: 0px; margin-bottom: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">2007 240,084 3,753 1.6%<\/span><\/p>\n<p class=\"style59\" style=\"margin-top: 0px; margin-bottom: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">2008 239,172 -912 -0.4%<\/span><\/p>\n<p class=\"style59\" style=\"margin-top: 0px;\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">2009 245,384 6,212 2.6%<\/span><\/p>\n<p class=\"style58\" align=\"left\"><span style=\"font-family: Verdana; font-size: 10pt;\">Source: Knight Frank Residential Research, CLG<\/span><\/p>\n<p style=\"margin-bottom: 0px;\" align=\"left\">\n<p class=\"style53\" style=\"margin-top: 0px;\" align=\"left\">\n<span style=\"font-family: times new roman; font-size: 16px;\"><span class=\"style53\" style=\"font-family: Verdana; font-size: 10pt;\">Find <a href=\"https:\/\/www.thehouseshop.com\/property-for-sale\"><span style=\"font-family: Verdana; font-size: 10pt;\">Property For Sale UK<\/span><\/a><\/span><\/span><span style=\"font-family: Verdana; font-size: 10pt;\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A positive sign for the UK housing market comes in the form of data showing the amount of second homes in England has risen. The number of second homes in England rose by 2.6% in 2009 following a contraction in<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/second-homes-in-england-increase\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[16],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/second_homes_in_england_increase","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/690"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=690"}],"version-history":[{"count":3,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/690\/revisions"}],"predecessor-version":[{"id":8331,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/690\/revisions\/8331"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=690"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}