80% of second home owners in the UK don’t live locally

80% of second home owners in the UK don’t live locally

New research from holiday insurance company Schofields as revealed that the majority of people who own second properties in top UK holiday locations live nowhere near them. The research shows that around 80% of second home owners don’t live locally, with 62% living more than 150 miles away from their second home.

On average, UK holiday home owners live approximately 120 miles away from their second home and in the very popular tourist locations, only 14% of second homes are owned by locals.

Whilst these statistics don’t really surprise, it’s interesting to see some figures put to the size of the issue, especially for locals looking to get on to the housing ladder in their immediate area.

Second home owners have often been accused of pushing up home prices in prime holiday locations and this has resulted in some councils imposing stringent tax hikes. For example, there is the potential threat of a fivefold council tax increase on second homes in the Yorkshire Dales. And in St Ives, Cornwall, new rules on holiday home/second home ownership means that any new build property after June 2016 must be bought and owned for full residential use.

Phil Schofield, Head of Inbound Marketing at Schofields, said: “We have two issues here. One is that young people are struggling to get on the housing ladder in their local areas especially when their area is popular with tourists. Secondly, holiday homes bring tourists to these areas, if they didn’t have anywhere to stay, they wouldn’t come,”

“We have seen some places like St Ives bring in regulations that limit second home buyers and those not living within the local area. This could bring in an unintentional limit to the number of visitors who can stay in the local area, without more accommodation, tourist numbers can’t grow,”

“The threat of a fivefold council tax hike in the Yorkshire Dales could also have a knock-on effect with tourism. If this went through, second home owners who rent their properties out to holiday makers would have to increase the cost of staying,”

“This could see people a decrease in booking these properties and perhaps staying in areas outside the Yorkshire Dales with cheaper accommodation.”

It will be interesting to see how this issue unfolds…