Cornwall has topped the list as the most favoured place to buy a holiday home in the UK, according to new research conducted by Schofields Ltd.
The holiday home insurance company found that Cornwall, Norfolk and Devon are the top places to own a holiday home, with nearly 1,000 holiday homeowners living on average over 200 miles away from their seaside property.
According to the statistics, many people are buying second homes predominantly to have a weekend getaway from the stresses of city life. Unsurprisingly, Cornwall boasts the most holiday homes, attracting more than five million visits per year for its relatively warmer weather, appealing beaches, and never-ending coastline.
When it comes to the average distances holiday homeowners travel to reach their getaway home, owners travel 220 miles to reach Cornwall, 163 miles to Devon and 88 miles to Norfolk. The Lake District has owners travelling 176 miles, while those with holiday homes in Edinburgh travel 105 miles, owners with a holiday home in Northern Ireland travel 131 miles and owners in Peak District home travel 103 miles.
One property owner had to travel over 700 miles from their home to their getaway property in the Isle of Lewis – the furthest distance recorded so far.
With the majority of holiday homeowners living away from the local area, residents of these holiday destinations believe that locals are being priced out of the housing market by out-of-towners.
Phil Schofield, head of inbound marketing at Schofields Ltd, said that as a result of this, local residents have enforced restrictions including a ban on new home purchases and all new-build properties needing to be owned for ‘full residential use’.
“We have found holiday homeowners disagree, stating that they contribute to the local economy in a variety of ways not just when they are visiting,” he added.
“Many holiday home owners argue that they spend a lot of money on the upkeep of the property, hiring local builders, gardeners and cleaners especially if they let out their properties.”
He continued: “Although many property owners rent out their homes during the year businesses can still profit, especially during the peak seasons. Property owners don’t want their houses sitting empty over the off-peak seasons o also invest a lot of money to attract visitors all year round.”
The top holiday home hotspots are as listed below.
1. Cornwall – 28%
2. Norfolk – 17%
3. Devon – 16%
4. Cumbria, Lake District – 14%
5. Northern Ireland – 12%
6. Lothian, Edinburgh – 8%
7. Peak District – 5%