Research from lettings and estate agent Benham and Reeves gives us a great insight into the second homes market. They analysed current data on the amount of these properties across all areas of Wales and England. This was before looking at the entire market value. The figures consider the existing average property cost for every property type. We want to have a closer look today, then if you need services like guaranteed rent in Tower Hamlets, you can speak to us.

How many homes?

The research reveals that across Wales and England, there are 141,245 second homes. Flats prove to be the most popular type of housing. These account for 42% of all second homes. As for detached properties, they are the second most common type at 24%.

The popularity of flats is a trend in most regions. However, in Wales (41%), East of England (34%), and East Midlands (28%), detached homes are the most common second homes. In the North East, terraced homes make up 38% of all second homes.

In London, flats are easily the most common type of second home. They make up a massive 87% of all second homes. Although, the market within the city is distinct to the separate regions.

Cornwall reigns supreme as the nation’s hotspot in terms of sheer volume. There are 9,425 second homes, which is the most of any local authority in Wales and England by far.

The entire market’s value

Across Wales and England, the estimate is that the entire market value of the nation’s second homes sits at £42.761 billion. London is naturally the biggest hotspot, typically because people have homes they can use while working in the city but have a main residence in the countryside. Outside the capital, Cornwall is the second most valuable second housing market at £2.873 billion. North Yorkshire is at £1.036 billion and South Hams is at £1.031 billion.

Inside London, Tower Hamlets sits at a nice £1.375 billion value. It is a popular spot for second homes because it is home to Canary Wharf and close to the City. If you need the finest services for guaranteed rent in Tower Hamlets, talk to us.

Opinions

The Director at Benham and Reeves said the sheer value and size of the second home market is immense. It is easy to see why residents in many locations are against so many homes being owned on a secondary basis and remain vacant for long periods.

However, second homes offer a healthy amount of positive investment into the property markets in England and Wales. London is an especially great example of this. We’ve had multiple foreign buyers invest into the local housing market recently. That in turn works to cultivate positive property appreciation. It has been useful at a time when the market has been stagnant otherwise.

Regeneration of many locales, with enhanced infrastructure and connectivity, has made London an alluring proposition for all kinds of buyers. This is in addition to the introduction of buy-to-let in the 90s. There was the introduction of an additional 5% tax on every purchase for foreign investors. Even so, 89% of the buyers rent their buildings out. Without such critical investment, there may not be as many properties to go around. Rents could be even greater than what they presently are. Many individuals would no longer be able to afford to live in London. The workforce would suffer as a result.

Protecting your money and ownership with guaranteed rent in Tower Hamlets

At Guaranteed Rent, we help clients to protect their rental income. Another important detail here is that you retain ownership of all your properties. You won’t need to worry about their condition either. Our service is the most reliable one you can find for your assets.

So, if you’d like to use the foremost services for guaranteed rent in Tower Hamlets, contact us. We can work with assets in other parts of London too.