One in 10 Bri­tons now owns a sec­ond prop­erty

The Daily Telegraph - - News - By Olivia Rudgard SO­CIAL AF­FAIRS COR­RE­SPON­DENT

ONE in 10 Bri­tish adults now owns a sec­ond prop­erty, re­search has found.

The fig­ures pub­lished by the Res­o­lu­tion Foun­da­tion show that the num­ber of peo­ple with mul­ti­ple prop­er­ties rose from 1.6mil­lion to 5.2mil­lion be­tween 2000 and 2014, a 30 per cent in­crease.

The anal­y­sis also sug­gested that most of these own­ers are not land­lords, with just 3.4 per cent of adults let­ting prop­erty out. This would mean that 6.6 per cent of adults, or 3.4 mil­lion peo­ple, have ex­tra prop­er­ties that they leave empty as an in­vest­ment or use as hol­i­day homes.

The think-tank ex­am­ined data from the Bri­tish House­hold Panel Sur­vey and the Of­fice for Na­tional Sta­tis­tics to find that, while over­all home-own­er­ship has plum­meted, sec­ond home­own­er­ship has risen dra­mat­i­cally.

The pro­por­tion of adults own­ing any prop­erty rose to a high of al­most 66 per cent in 2002, but has since fallen to just over 60 per cent.

Laura Gar­diner, se­nior pol­icy an­a­lyst at the Res­o­lu­tion Foun­da­tion, said: “Mul­ti­ple prop­erty own­er­ship is still a mi­nor­ity sport, but a grow­ing one that rep­re­sents a sig­nif­i­cant boost to the wealth pots of those lucky enough to own sec­ond homes.

“Peo­ple with sec­ond homes not only have an in­vest­ment that they can turn to in times of need, for in­stance in later life when care is re­quired, but if the prop­erty is rented out they also see a boost to their in­comes here and now.”

She added that those with prop­er­ties that were not be­ing used for rental could in­clude “hol­i­day homes, flats that adult kids live in for free, empty prop­er­ties they’re spec­u­lat­ing on, MPS with Lon­don flats and con­stituency houses and peo­ple who have in­her­ited their re­cently de­ceased par­ent’s home and haven’t worked out what to do with it yet”.

Paula Hig­gins, of pres­sure group the Home­own­ers Al­liance, called the fig­ures “shock­ing”.

“It’s re­ally the haves and have nots – there’s a gen­er­a­tion of peo­ple be­ing locked out of own­ing their own home and all the ben­e­fits that go along with it, and there’s an­other gen­er­a­tion who’s got the lever­age to ben­e­fit from ris­ing house prices,” she said.

“We need to get homes that are for liv­ing in and not for in­vest­ment.

“It’s telling that there’s lit­tle in­cen­tive to sell – even with an empty house you’re sit­ting on a ris­ing in­vest­ment.” The ma­jor­ity of those own­ing sec­ond or third homes were based in the wealth­i­est ar­eas of the UK, the re­port added.

Al­most six in 10 land­lords are based in the South East or South West, the East of Eng­land and Lon­don.

“This is where the young peo­ple are strug­gling to get on to the prop­erty lad­der,” added Ms Hig­gins. “You shouldn’t be mak­ing more money off your house than you do from go­ing to work.”

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