Climate change fuels UK property boom
Attitudes to the environment and climate change are significant drivers of the second homes market
British holiday homeowners are going ‘green’ by choosing to buy their second home in the UK as opposed to abroad. Concerns over air travel and optimism of a warmer climate in the UK will lead to the UK holiday homes market being boosted by 44% by 2027, according to a new report by leading home insurer Direct Line*.
There are already 3.2 million ‘second homes’ in the UK, an increase of 30% since the millennium. With Brits’ growing concerns over the environment, this figure looks set to continue rising, with an additional 108,000 holiday homes predicted to be bought in the UK over the next 20 years.
Trends in the report have revealed that one third of UK holiday homeowners who have bought in the past five years would have bought property abroad if it were not for climate-change factors. The environmental impact of air travel and the expectation of rising air fares were widely seen as two key factors in choosing a UK holiday home rather than one abroad. In fact, 15% of current UK holiday homeowners admit that the impact of air travel was ‘vital’ to their choice of buying in the UK.
Optimistically, 28% were influenced by the fact they feel the British climate will get hotter in the future, with 11% admitting this was a crucial decider to buying a home in the UK.
Andrew Lowe, Head of Home Insurance at Direct Line, commented: “Going green has become one of the biggest trends of the last few years and we are now seeing this extend to the second homes housing market. Our report shows that in the future, large numbers of Brits will choose to buy a holiday home on UK soil rather than overseas. For those who are concerned about their carbon footprint, a holiday closer to home can be the most environmentally friendly option.”
Top 10 UK holiday home hotspots:
| Region |
Local area district |
% of properties that are holiday homes |
| South West |
Isles of Scilly |
24.9% |
| Scotland |
Argll and Bute |
11.1% |
| North East |
Berwick-upon-Tweed |
8.4% |
| Northern Ireland |
Moyle |
8.3% |
| North West |
South Lakeland |
7.7% |
| East Anglia |
North Norfolk |
7.2% |
| Wales |
Pembrokeshire |
6.1% |
| South East |
Isle of Wight |
3.8% |
| East Midlands |
Derbyshire Dales |
2.5% |
| West Midlands |
Stratford-upon-Avon |
1.0% |
Andrew concludes: “With the report showing that 96,000 second properties are classified as unoccupied, owners need to pay particular attention to security and insurance in order to safeguard their investment."
Notes to Editors
*Figures from The UK Second Properties Index 2006-2007
About Direct Line’s UK Second Properties Index 2006 - 2007
This is the third annual UK Second Properties Index from Direct Line and the Future Foundation. The report brings together data from Direct Line’s new research among UK second property owners, along with a range of large scale representative survey sources including the British Household Panel Study, the Survey of English Housing, the English Housing Condition Survey, the Future Foundation’s Changing Lives research and UK Census data.
For more information please contact:
RBS Insurance Press Office
Tel: 0208 285 3277
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