One of the more surprising rises in popularity over the last year is the frantic pace wealthy families have been in to, which is purchasing a second home. The holiday home boom that was established after the first lockdown of 2020 is still in effect, as currently more and more buyers are open to the attraction of a second home.
The number of transactions liable for the second home three per cent stamp duty surcharge hit a new high of 84,700 in this year’s second quarter. Whilst this number includes buy to let investors taking advantage of the stamp duty holiday, it remains the single largest quarterly figure since 2016 when the Higher Rates for Additional Dwellings surcharge was introduced.
This has been something that has been happening nationally, with reports that people down south look for second homes in the North West countryside or rural areas, taking full advantage of this point in time and the availability of affordable housing.
The trigger effect happened during the first global lockdown where wealthy families were not permitted to travel to any destination that they would usually take for seasonal breaks. Their lack of freedom and movement created an urge to have somewhere to retreat to the outside of their current environment.
The sudden realisation that working from home would now become so easy to onboard suddenly made families realise it could be done from anywhere, with freedom not to have to travel into the city to attend meetings and use online video platforms moving forward. This had a dramatic change on their lifestyle ambitions in the ability to purchase a second home to switch between and receive the best of both worlds.
Second-home purchases outside of London increased by 83 per cent in 2021s first eight months, with a large percentage looking to buy property in Stockport, rural Manchester or Cheshire areas.
The appeal of greener pastures in the countryside has many families wanting to shift focus there for a second home, feeling that if a pandemic was to have another round and international travel be suspended again, there would still be enough of a change between properties to feel like a getaway.
Estate agents Stockport are seeing many enquiries for second home purchases, racking up against the increased demand from first-time buyers and people looking to upscale to bigger properties or get off the rental market. Racing against the supply of housing currently available on the UK market, now the housing market is seeing dead heat races to secure housing well into next year.