More set to buy second homes in UK

THE second homes market in the UK is set to experience growth at unprecedented levels over the next decade as Britons choose to invest at home rather than abroad, according to a new report.

It predicts the market in the UK will be worth £53 billion by 2015, with the number of people owning a second home in the UK soaring from 328,000 now to 405,000 - significantly above the 249,000 estimated to be owned by Brits overseas.

The research, by Direct Line and the Centre for Future Studies, found warmer summers will make the west coast of Scotland a more attractive area for a holiday home.

Glasgow, meanwhile, could become a second home hotspot for those who want to buy property in the city to live in during the working week before retreating to their more rural main home at weekends and holidays.

It also highlighted the Scottish Borders as another second home hotspot for investors, as the Borders rail link will make the area much more commuter-friendly and the average price of property is likely to increase as a result.

Andrew Lowe, head of home insurance at Direct Line, said: "A strong economy, warming climate and a regenerated urban landscape are the key factors set to make Britain more attractive than ever as a second home location."

Part of the reason for the predicted growth in the second home market is that more people fall into typical profile of the second home owner - affluent 45-64 year olds.

Mark Hordern, of the Glasgow Solicitors Property Centre, said the west coast of Scotland has a lot to offer and will continue to be popular with the UK's second home owners.

This article: http://property.scotsman.com/news.cfm?id=1837702005

Last updated: 24-Aug-05 23:32 GMT