Holiday homes more popular than ever: UK Property Shop News

Holiday homes are becoming more and more popular and new research from Halifax Estate Agents has found that more British holiday home owners have chosen property in the UK itself than anywhere else in the world.

* Almost one third (28%) of holiday home owners have their second property within the UK - with Spain the second most popular location (16%).
* The South West is the most popular UK location where we would like to own a holiday home.
* Spain is by far our favourite choice as an overseas location for a holiday home abroad.
* 7% of us are likely to purchase a holiday home in the next five years meaning the number of second properties owned could double.
* The majority of people would be prepared to spend up to £100,000 on a holiday home.

For Britons, home is clearly where the heart is with almost one third (28%) of holiday home owners choosing the UK as their holiday home location. Sunny Spain comes in second with 16% of holiday homes being located in this well-loved Mediterranean country. In some regions the percentage of UK holiday home owners is even larger. 42% of holiday home owners in Wales and the South West own properties in the UK, as do one third (33%) of those from both Northern England and the Midlands. The UK is especially popular with 35 to 44 year olds with more than half having holiday homes here. However, for Scottish holiday home owners the most popular location for their property is the USA (26%).

When it comes to overseas locations in which to buy a holiday home, Britons tend to stick with what they know with more than one quarter (26%) putting Spain top of the list of countries outside the UK where they would most like a holiday home. Spain received the most votes from those aged 18 to 24 years (33%) out of all the age groups.

The number of people planning to purchase a holiday home in the next five years could result in a doubling of the number of second properties owned. 7% of us say that we are likely to buy a holiday home in the next five years with the 18-25 age group most likely to have plans for a second home (11%).

On average, almost half of all holiday home owners in the UK have owned them for between one and five years, but the over 65 year olds show they were the first to catch on to the joys of having their own pied a terre to relax in with over half (54%) owning their holiday homes for more than ten years. Most Scottish holiday home owners (68%) have also had their properties for more than ten years.

When asked what the most important factor would be when looking for a holiday home, around three quarters stated that ease of travel was an important factor. Being close to a beach is the most desirable factor for holiday homes for 25 to 34 year olds, while amongst 55 to 64 year olds a secluded location was key.

When it comes to financing the purchase, nearly half (41%) of those questioned were willing to spend between £75,000 and £100,000 on their holiday home. A new mortgage was the most likely method respondents said they would use to finance a holiday home (19%) while increasing an existing mortgage was the least popular method. However, the relatively new phenomena of buying property with friends or family is the most popular choice for 18 to 24 year olds with over a third (35%) taking the plunge with loved ones. The majority (25%) of over 65s prefer to use their savings.

Colin Kemp, managing director of Halifax Estate Agency commented: "Many people see a holiday home simply as a place to get away from it all but many also view it as a long term investment. By buying a holiday home that is within easy reach, they can enjoy their investment whilst hopefully earning money from it at the same time so it is not surprising that such a large number of people are choosing holiday homes in the UK. However, Spain continues to reign as the most popular location outside of the UK to buy a second home. With budget airlines and low cost mortgages adding to its attractions, one million foreigners are expected to set up home on the Spanish coast in the next six years."