Brushing aside concerns over Stamp Duty and economic uncertainty, 12 per cent of British homeowners are actively planning to buy a second home in the coming years, says a new survey of 2,784 adults across the UK.
A majority were yet to calculate the costs associated with second home ownership, such as periods of unoccupancy, but were aiming to do so within the next year.
Among the survey respondents, 59 per cent plan to extend their properties through extensions, loft conversions or conservatories. Almost half aim to remodel their homes and 28 per cent are planning to pay off their mortgages ahead of time.
Those looking to buy a second home are most likely to live in the South East or South West of England, with Scotland and the North East not far behind. Residents in London, the West Midlands and the East of England are less likely to buy, with those in Northern Ireland, Wales and in Yorkshire least likely of all. This may be because they are most content with where they already live.
Rob Rushton, who commissioned the survey, commented that buyers need to be ‘fully prepared for the reality of the additional financial costs and legal requirements’ of second home ownership.