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.