165,000 people in England and Wales have a second property which they keep as a holiday home, new research from Direct Line’s SELECT Premier Insurance has revealed.
Cornwall, with its dramatic 300 mile coastline and picture-postcard fishing villages, is unsurprisingly the country’s most popular holiday home destination, with over 10,000 holiday properties situated in this region. In second place was Gwynedd, home to Snowdonia National Park, while third position went to North Norfolk, well-renowned for its sandy beaches and salt marshes.
Throughout England and Wales nearly 1.6 million people have a second property in a different place to where they reside permanently. Roughly 11% of these are used as holiday homes, with the rest being used for work purposes or as student accommodation for children.
“Holiday homes are very valuable to owners as they are often a place to relax and spend quality time with loved ones,” Nick Brabham, head of SELECT Premier Insurance, said.
“This time is often limited, which means it is essential to keep the property and its contents in top condition all year round.”
Peter Olivey, Resident Partner at Cole, Rayment & White Estate Agents in Padstow, believes Cornwall ticks a number of key boxes for second home owners. Its coastal location and wide range of activities - particularly with regards to surfing and other water-sports - make it a hugely desirable location in the summer months.
“It’s a true holiday haven without the hassle or cost of going abroad,” Olivey said. “The local property market here is competitive but with a number of new developments springing up and mortgage rates much lower than they have been, there’s still plenty of opportunity for prospective buyers.”