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High prices are slowing rush for second homes.

NEARLY 300,000 properties in England are now second or holiday homes, with a third bought by the grey pound, owners aged between 55 and 64.

Unsurprisingly, the largest concentration of second homes is in the City, the financial heart of London, where they account for 27% of the total housing stock.

But just under a quarter of all second homes are in the south west, according to property consultants Savills.

The group found the Isles of Scilly had the second highest proportion of second homes, with holiday homes accounting for just over one in five properties, followed by South Hams in Devon at 11%.

One in 10 properties in both Westminster, London, and north Cornwall is a second home, while they account for 9.5% of housing in Penwith, also in Cornwall.

Richard Donnell, head of Savills residential research, says: 'The second homes market is made up of two distinct markets.

'The first represents the holiday homes market where property is generally bought for weekend or longer breaks, the second relates to the pied-a-terre market used largely by commuters or those looking for a city base.'

But the group found that the size of the second home market in England had not grown significantly during the past year, as high house prices made the prospect of owning an additional property increasingly expensive, and it does not expect the market to expand much over the coming few years.

'Affordability factors are the biggest constraint,' says Richard.

'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


CORNWALL: A popular area which has a lot to offer for someone looking for a second home
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Title Annotation:Features
Publication:Liverpool Echo (Liverpool, England)
Date:Jul 27, 2005
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