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

Breaking News

FMB Supports Construction Leadership Council’s Health and Wellbeing Strategy

The Construction Leadership Council (CLC) Health, Safety and Wellbeing Strategy is a welcome and much needed new initiative to help drive industry change, says the Federation of Master Builders (FMB). The FMB’s CEO Brian Berry has joined more than 140 industry leaders at the Construction Leadership Council’s launch of its comprehensive Health, Safety and Wellbeing…
Read More
Clacton on Sea cash injection
Breaking News

20% Property Premium to Live Beside Britain’s Best Beaches

The latest research from eXp UK has found that homebuyers hoping to live by one of Britain’s best beaches can expect to pay almost 20% more on average compared to the wider local market, amounting to a seaside property premium of over £46,000. The research* by eXp UK analysed property prices in postcode districts surrounding…
Read More
Breaking News

Houseboats hand London homebuyers 57% saving

Houseboats hand London homebuyers 57% saving versus bricks and mortar The latest research from Benham and Reeves has found that London homebuyers could save as much as 57% on their property purchase by choosing a houseboat over a traditional bricks and mortar home, with the average cost of a houseboat across the capital coming in…
Read More
Breaking News

Silverstone fails to take pole when it comes to race track property premiums

The latest research from Yopa has found that while Silverstone may be the spiritual home of British motorsport and host of this weekend’s Formula 1 Grand Prix, it is far from the most prestigious racing venue when it comes to local property prices. In fact, homes near other race circuits across Britain command far higher…
Read More
Breaking News

Section 8 Reforms: What Landlords Need to Know About Longer Notice Periods and Stricter Rules

By Allison Thompson, National Lettings Managing Director, LRG As the Renters’ Rights Bill continues its progress through the House of Lords, landlords should be preparing for a much tighter framework around possession. One of the most significant changes proposed is the reform of Section 8, the legal route for regaining possession where a specific reason…
Read More
New Build for Merseyside
Breaking News

British new-build demand sees quarterly decline

The latest new-build market insight from Property Inspect has revealed that buyer demand for new-build homes remained largely static between the first and second quarter of this year, although buyer appetites for new homes remained robust in a number of major cities. The New-Build Demand Index (Q2 2025) from Property Inspect provides a view of…
Read More