THE British public’s obsession with second homes looks set to continue, but property in the UK may prove more popular than somewhere abroad.
The number of people with second properties in Britain, rather than overseas, is on course to rise by 24 per cent, or 77,000 homes, over the next 10 years, according to a study published today.
The draw of a cottage in Brittany or a farmhouse in the Dordogne may soon be replaced with a home on the Scottish coast or an inner city apartment.
The report by the Centre for Future Studies on behalf of Direct Line insurance say a number of factors look set to promote growth in the UK second homes market over the next 10 years:
* Britons' rising affluence - UK residents are predicted to be 73 per cent better off financially over the next 20 years, and many will use their disposable income to invest in second properties closer to their place of work.
* The ageing population - a significant increase in the number of people who fall into the typical second homeowner age group (45 and over) is forecast.
* Gradual climate change - the UK is predicted to experience similar temperatures to the South of France by 2050 with the first signs of this climate change already occurring. Coastal areas will become a particularly attractive prospect as buyers anticipate this warming climate.
Andrew Lowe, of Direct Line, said: “With roughly 328,000 Britons currently owning a second home in the UK compared to 178,000 who own properties overseas.
“Our report shows that many thousands of buyers will choose to invest in the UK rather than overseas in the next decade.”