UK Second Homes Market Set to Grow

Why buy a second home in France with all the different laws to grapple with, and problems with travel and passports when you can have a house in just as beautiful a spot, with the ideal sun sea and sand right here in Britain? ?No reason,? say increasing numbers of Brits, according to a survey from Direct Line. Currently Britains own 328,000 homes in the UK, and 178,000 properties abroad, but the number of second homes bought by Brits in here is set to rocket in the coming decade, according to these findings. Direct Line says it estimates the total value of second homes owned in this country will climb to £53bn in the next ten years. Increasingly hot summers will draw more buyers to places like Exmoor, and the Scottish Isle of Mull, the survey finds, as well as places not currently thought to be ?hotspots? like Southend in Kent. Reasons cited in the survey for selecting second homes in the UK included convenient travel, better investment opportunities, preference for the British culture and climate, and the lack of language barrier. Factors influencing prospective buyers? choice of location for their future second homes were the natural beauty of a location, friendly locals, and proximity to family and friends. The rise in numbers of second homes bought in the UK will also be fuelled by increased affluence, inheritance, and also a trend for people re-mortgaging their second homes. Andrew Lowe, head of home insurance 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?