Britain an ideal spot for second homes, says study |
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Thu, 25 Aug 2005 16:05
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LONDON: The concept of second homes is catching up among Britishers and research carried out by Direct Line Insurance indicates that people with a second home will grow by 24 per cent to 405,000 by 2015. People prefer to have their second homes in the country itself rather than abroad, the study concludes.
Direct Line also indicated that there will be an estimated 250,000 second homes bought by Britons abroad.
The value of second homes in the country will go up to 53 billion pounds, the study said, and the preferred localities for such homes will be east London and Bradford, with Liverpool, Glasgow and Newcastle too attracting buyers.
Direct Line said the trend is for parents to buy a second home close to where their children are undergoing studies. As such, cities like Birmingham too will witness growth. Other hot areas are Exmoor and the Scottish island of Mull.
Direct Line's Andrew Lowe said Britain's strong economy, warming climate and regenerated urban landscape make it an attractive location for a second home.
The study covered more than 500 second home owners or those aspiring to buy a second home. At least one in three said convenient travel is a major factor, while one in five admitted investment opportunities are better in Britain than abroad.
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