According to Savills, the second home market in England is slowing as house prices remain high and investors are tempted by cheap housing abroad. The research shows that the number of people who own second homes presently stands at less than 230,000.
They believe that the slow housing market, less equity being created in homes, affordability pressures and the level of prices in the areas where second homes are traditionally bought, has diverted property demand overseas.
In the UK, London and the Southwest are the most sought after areas, with London taking 19.3% of the whole market, and the Southwest for just under a quarter of all second homes.
Our view
As predicted by us and many others, the slow down is due to worries about our main homes and interest rates. The knock on effect is even being felt by estate agents on the Costa's who have seen a marked downturn in activity.