More people renting than buying

More people are deciding to rent a second home as opposed to buying one, research suggests.

The Hamptons International Lettings Index said an estimated 13,680 properties were rented as second homes across Britain in 2017 – the highest number since its records began in 2007 and more than double the 5,800 second homes rented that year.

Hamptons suggested a stamp duty hike for people buying second homes has led to more people deciding to rent rather than buy a second home – whether it is in order to secure a base closer to work or to have a bolthole for weekend getaways.

The report said second home rental hotspots include Windsor and Maidenhead, Gloucester, Tewkesbury, South Oxfordshire, South Cambridgeshire, Wyre Forest, St Albans, Sedgemoor, North Norfolk, Northumberland, Edinburgh and North Ayrshire, as well as Kensington and Chelsea in London.

The research used Hamptons own figures along with government data to make the projections across Britain.

Hamptons analyst Aneisha Beveridge 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’ up-front costs and resulted in more people deciding to rent a second home rather than buy.”