The latest second home trends, according to 101 prime estate agents

As the appetite for UK summer breaks increases, research shows that more of us are looking to buy an additional property than before.

In the next 18 months, the volume of second home sales in the UK is set to ‘increase dramatically’ according to more than half (55%) of prime property agents surveyed by Investec.

For the majority of agents (62%), the availability of tailored mortgages is believed to be the biggest driver of demand, followed by greater flexibility in working arrangements (61%) and lower average property prices (54%).

They revealed that while many buyers currently purchase a second property for personal use, there is an increased focus on the potential income and investment return provided by second homes.

When it comes to where to buy, agents told us that good transport links were the deciding factor for many clients. Railway, road and airport access were ranked as the top three criteria when choosing a location, ahead of local amenities or the­­­­­­ landscape. So where are buyers beginning their house hunt?

Here are five English counties expected to see a significant increase in second home sales over the next 18 months; and an agent’s view on what they can offer to visitors.

Dorset

Seventy-five percent of prime property agents predict that demand for a second home in Dorset will increase in the next 18 months.

“From stunning countryside to quiet beaches – there are many reasons to love Dorset,” says Oliver Custance Baker, Head of Strutt & Parker’s National Country House department. “You have dramatic natural formations such as Durdle Door, Lulworth Cove and Golden Cap. Inland, there are rolling chalk grasslands, ancient meadows and woodlands and wild heathland.
 

“The county also features an assortment of charming towns. Popular locations include the hilltop Saxon settlement of Shaftesbury, as well as the market towns of Sherborne, Blandford Forum and Dorchester.”

Essex

Essex is the second county to be earmarked for an increase in second home sales by three quarters of agents (75%).

“While Essex is traditionally a commuter county, second home owners are drawn to its unspoilt countryside and the extensive coastline,” says Sharnie Rogers, Head of Suffolk and Essex at Strutt & Parker. “It provides a fantastic choice of yacht clubs and restaurants. Essex also benefits from a particularly dry and warm climate. Property styles on offer include country cottages and farms.”
 

East Sussex

Seventy-four percent of agents believe that East Sussex will increase in popularity among second home owners. Adrian Passingham, Head of Lewes at Stutt & Parker explains: “The county really caters to every type of buyer. On one side there’s the country parks, including Seven Sisters Country Park, with miles of walking and cycling paths which are very popular with those wanting an active and outdoors lifestyle. And then you have Brighton, which is just fantastic for culture seekers and those wanting a more metropolitan feel, as well as the town of Lewes which also has a bohemian charm to it and is a melting pot of professionals, academics and artists.”

Greater London

A rise in demand is also predicted for second homes that act as a gateway between the capital and beyond (71%). “Both UK-based and international residents are looking for second homes in London, either as a pied-à-terre or as an investment,” says Toby Simmonds, Head of Sales for Hamptons Sloane Square. “Domestic buyers often maintain their primary residences in the Home Counties, using their London properties to be closer to work during the weekdays, for friends and family visits, or as a generational investment, allowing their children and grandchildren to enjoy a London foothold.”

Oxfordshire

Seventy-one percent of agents believe the second home market will grow in this county. Oxfordshire has one of the most competitive housing markets in the country,” says Giles Lawton of the National Country House Department at Strutt & Parker.  “A large proportion of buyers looking to move into Oxfordshire – and nearly always into the Cotswolds specifically – have previously holidayed here and are now looking for a lifestyle change somewhere that they’re already familiar with.  

“Prime Cotswold areas, such as Kingham, Great Tew and Charlbury, are incredibly popular with buyers wanting to split their time between Oxfordshire and London. They’re truly villages that offer the best of both worlds; you have chocolate-box style architecture and housing, you’re surrounded by open countryside, and yet you have this sense of sophistication and exclusiveness which is less easy to come by in rural settings. There’s pubs, restaurants and members clubs that could be found in London – such as The Bull in Charlbury and Kingham’s Wild Rabbit. The more recent opening of Estelle Manor and Bamford Wellness Spa in the last few years, and Restoration Hardware at Aynho Park this year, have all only solidified the area’s ‘cool’ credentials further.”

Mortgages for a second home

A tailored mortgage is one way to fund a second home. This solution is designed to reflect an individual’s unique circumstances. “When purchasing a second home, this solution can offer buyers a higher loan amount and more flexible terms, which can support the overall financial position,” says Investec Private Banker Chris Duck.

Investec offers a range of rate and repayment terms to clients, including interest-only and revolving credit facilities. This means we can usually support those with discretionary, foreign currency or deferred income.

“As demand for second home increases, we can act quickly to help individuals who have found their ideal property,” says Chris.

Important information:

Your property may be repossessed if you do not keep up repayments on your mortgage. Investec residential mortgages are only available for residential properties in England or Wales and are primarily available to UK residents and subject to eligibility.

This article is for general information purposes only. The opinions featured are not to be considered as the opinions of Investec Bank plc and do not constitute financial or other advice. It is advisable to contact a professional advisor if you need financial advice. Your use of and reliance on any of this content is entirely at your own risk.

This research was conducted by Pureprofile. It surveyed 101 national and boutique estate agents across London, and the south east, south west and east of England. The research took place between 18th July and 22nd July 2024.