People in Britain are now spending more than £6 billion on second homes, compared to only £2 million two years ago. Figures from the Office of National Statistics show that in 2002, each of the country's 24 million households were spending £1.50 on second homes when averaged out.
During 2004/5, this increased to £4.80 per household. The report includes homes bought abroad as well as buy-to-let investments and holiday homes in this country. It shows a clear movement to people owning more than one property.
The figures also show that consumers are spending more money on home improvements, but less on home maintenance.
In2002, households spent an average of £18.90 on home maintenance, rising to £22.80 the following year. Now, that figure is £23.70.
Our view
People are rushing in buying homes, which are subject to huge taxes in the UK, even if bought in Spain or Outer Bongo! Think before buying a second home! Take advice from us first. Get your FREE Consultation.