Second Homes Market Slow but Steady

FPD Savills has released their latest research into the second homes market, revealing some potential new hotspots, and some interesting trends. The overall results show that in general the market for second homes is slow but steady, with just under a quarter of all second homes in the country in the South West Region. Devon and Cornwall remain the most desirable counties for people looking for a relaxing location for a second property. But there were a fw surprises: almost 10% of all second homes are to be found in and around Berwick Upon Tweed ? more than in Kensington and Chelsea ? in Northumberland, and over 5% on the Isle of Wight. The size of the market seems not to have grown at all over the past twelve months, but there are interesting changes afoot, says Richard Donnell, head of Residential Research at the Estate Agent. ?Affordability factors are the biggest constraint to growth,? he says. ?Relatively high house prices in the main second home hotspots mean that a significant amount of potential demand is being diverted overseas where property can be picked up for much less money.? That said, Mr Donnell does believe there are areas where the second homes market is likely to grow: ?There are many areas of Leicestershire, Derbyshire and Northamptonshire within two hours drive of London that remain largely undiscovered and which are likely to attract those who cannot afford the increasingly expensive South West or Suffolk coasts? he concluded.