The number of people renting second homes has reached a record high according to Hamptons International

Hamptons International Monthly Lettings Index – May 2018  reveals the number of properties rented as a second home in Great Britain reached 13,680 last year, the highest number on record. 

The Hamptons International Lettings Index (formerly the Countrywide Lettings Index) reported that the number of rental properties used as a second home has been steadily rising since 2007 when its records first began.  Last year there were 136% more rented second homes than in 2007 when there were just 5,800.  This is also up 11% on 2016. 

The average rent of a second home reached £1,060 pcm in Great Britain last year. London has the third highest proportion of rented homes let as second homes, behind the South West in first place and Scotland in second.

Commenting Aneisha Beveridge, Analyst at Hamptons International, said:

“The number of people renting second homes has reached a record high.  The additional stamp duty surcharge on second home purchases introduced in April 2016, increased buyers’ upfront costs and resulted in more people deciding to rent a second home rather than buy.

“The places second home renters are choosing include a mix of town and country.  Second home rental hotspots reflect today’s lifestyle choices from the pied-à-terres in towns and cities, close to work, schools and all the amenities that city life has to offer, to rural and coastal locations perfect for escaping the trappings of a busy urban life.

“Average rents rose in seven out of eight regions in May on the back of fewer homes being available to rent than last year.  Rents in the North fell for the second consecutive month, meanwhile rental growth remained strong in Wales, the East and the Midlands.”

Read the Hamptons International Monthly Lettings Index report – May 2018 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

small house bird box
Breaking News

UK First Time Buyers better off than many other global nations

Is it really that bad being a first-time buyer? UK better off than many other global nations when it comes to affordability The latest market analysis from Yopa, the full-service estate agents, reveals that first-time buyers (FTBs) in the UK may be paying 63% more to get a foot on the property ladder than they…
Read More
new build homes colchester essex
Breaking News

Building Safety Regulator Reform

The Government has announced reforms to the Building Safety Regulator, including leadership, process and investment. The changes are hoped to deliver 1.5 million homes. The reforms pave the way for creation of a single construction safety regulator, as recommended by the Grenfell Tower enquiry. David Smith, property litigation partner at London law firm Spector Constant…
Read More
Breaking News

New anti-money laundering rules now in effect: what landlords need to know

New anti-money laundering (AML) rules came into effect this month, marking a significant change for landlords and the lettings industry as a whole. The new rules mean financial sanctions checks are now required for all lettings, regardless of how much rent is charged. Here, Steve Bond, managing director of residential lettings for Beresfords, explains what…
Read More
Breaking News

What landlords need to know about the upcoming Renters Rights Bill

The government’s long-awaited Renters Rights Bill is one of the most significant overhauls of the private rental sector in decades. While it has not yet received royal assent, the legislation is expected to come into effect late this year, or early in 2026. With the bill moving closer to becoming law, Steven Bond, managing director…
Read More
Breaking News

Mortgage approvals bounce back in May

The latest figures show that: – Mortgage approvals on house purchases for May sat at 63,032 up 3.9% from 60,656 in April. The monthly increase seen in May marks the end of four months of previous decline, with approval levels having fallen each month since January of this year. Approvals are also 2.5% higher than…
Read More
Breaking News

Money and Credit – May 2025

Key points: Net borrowing of mortgage debt by individuals increased by £2.8 billion to £2.1 billion in May, following a large decrease in net borrowing of £13.8 billion to -£0.8 billion in April. Net mortgage approvals for house purchases increased by 2,400 to 63,000 in May. Approvals for remortgaging also increased by 6,200 to 41,500…
Read More