There is always a huge debate about second homes, but I think that we really do need to clarify what these second homes are used for. Are the homes for holiday or business use?
London has more second homes than anywhere else in the country, with more than 23,000 in just four north London boroughs. It is likely that most belong to people who work in London, but live somewhere else.
The capital is big enough and crowded enough to absorb these homes without a visible impact on city life; however, we do see changes in the city’s house prices.
The majority of these homes are bound to be small bolt-holes, for city workers who spend the week in London at a serviced office or relevant commercial property, and then go home to their family on the weekends. Migrant labour, as it were.
They are more often than not in purpose built blocks in the docks,or similar and have no negative impact on the local culture or environment.
Indeed the effect these ‘migrant workers’ have on the city can be seen in some quarters as positive.
They can provide extra employment in the entertainment and food industries and by living in London, they inevitably lower their carbon footprint, by cutting down their often substantial commute.
In comparison, the purchaser of a second home in a quiet rural idyll in Kent or Somerset, is considered by many to be akin to a Viking raider.
They only visit once or twice a year and thus take up a residence of someone who would be supporting the community via sending their children to school, using the local shop and post office and frequenting the local pub. Obviously, as the number of second homes increase the number of actual resident’s drops, and eventually it is possible there will no longer be enough people living in the village for it to function.
However, according to reports, second home purchasing is on the up. A new study from Direct Line Home Insurance in conjunction with The Centre for Future Studies has revealed, that by 2015, the number of people buying second homes in the UK will rise by 24 per cent to 405,000 – 156,000 more second properties than will be owned overseas. Two areas earmarked for regeneration areBradford City Centre and East London, both are predicated as future second home hotspots.
Newcastle, Liverpool and Glasgow are predicted to be popular future locations for second homeowners. Strong economic forecasts, mean these cities will become ideal locations for rural dwellers looking for pied-á-terres, close to their city centre, serviced office space.
Central London, currently the most common location in Britain for second homes, will continue to attract second homeowners thanks to robust economic growth and high employment. Birmingham will also be a popular location for second homes, as more and more parents snap up properties to house their children through university.
So, whatever we think about second homes, it looks as though they are here to stay.
