Research shows middle age is the key time to invest in a second home
New research* from Enhanced Wealth – the mortgage specialists – has revealed that 10% of Brits own a holiday home.
The study also revealed that:
- the South East (Brighton in particular) is the most popular place to have a UK holiday home, followed by the South West and Wales;
- those in the 40-49 age band were most likely to have a second home (22%), with 20% of owners being aged 30-39;
- just over one in ten (11%) of those aged 50-59 own a holiday home;
- the most prolific owners have an annual income of £40,000 or more;
- 40% of holiday home owners have a property abroad, with Cyprus and St. Tropez being popular.
The respondents were also asked: If you are considering buying a holiday home, where would you like to buy?
- The Lake District is the most popular place for would be UK buyers (21%);
- 43% said they would like to buy a second home overseas, with France and the Bahamas cited as dream destinations.
Those people who wanted to buy a holiday home but were unable to cited a lack of finances (35%) with a further 3% saying they were unable to afford a deposit.
Norman Phillips, Director at Enhanced Wealth, says: “This research did raise a few eyebrows in the office as the economic climate has been tough. But our research shows that 10% of people surveyed had a second home. On top of that, those asked also showed second home ownership was very aspirational.
“There are now many more financing deals available as lenders are coming back into this market so funding your second home aspirations are not as out of reach as they once may have been.”
Ends
*Carried out on behalf of Enhanced Wealth by Usurv, December 2014
Contact:
Norman Phillips, Director, Enhanced Wealth on: 020 8301 7930, email: info@enhancedwealth.co.uk
About Enhanced Wealth:
Enhanced Wealth Limited is a real company of Specialist Mortgage Brokers and financial advisers based in Bexleyheath, Kent. We specialise in providing clients with comprehensive mortgage advice from the full range of lenders available to us. We are a whole of market mortgage broker, as such we are independent of all lenders and mortgage companies.
We provide specialist mortgage advice for UK holiday let mortgages, holiday home mortgages, second home mortgages and development finance. Our dedicated advisers have the broadest knowledge of mortgages for UK holiday let properties and we have several exclusive mortgage schemes which are not available elsewhere.
Due to our expertise we are often approached by other advisers and developers who are not so familiar with the various holiday home finance options.
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