South West boasts highest number of second homes

The second homes market across England and Wales is worth more than £43 billion, according to research.

Estate agents Yopa said its study indicated that flats were the most common type of second home property across most areas, although terraced homes were most popular in the North East, and detached homes in the east of England, Wales and the East Midlands.

The South West has the most second homes, accounting for 21% of the total, the research indicated.

Across London as a whole there are an estimated 24,880 second homes, worth an estimated £11.6 billion in the current market, said the report.

Verona Frankish, chief executive of Yopa, said: "Whilst there is a robust number of second homes across all regions of England and Wales, it's a market that is largely dominated by London and the South West and for two contrasting reasons.

"London is one of the most desirable property markets in the world and attracts a high level of foreign investment, as well as second home purchases for those who desire the professional convenience of a property within the capital that removes the need for a lengthy commute.

"The South West, however, is very much a holiday hotspot with second home purchases driven by the allure of having a coastal bolthole to escape to during the summer months.

"Unfortunately, both regions are home to some of the highest house prices across England and Wales, meaning that those who do have their sights set on a second home purchase are now set to pay considerably more for the pleasure, following the government's decision to raise second home stamp duty thresholds to 5%."

Read more: More homes for sale in parts of Devon and Cornwall than national average

Read more: Cornwall should get more power to regulate holiday lets, urge Airbnb

First for all the latest news from across the UK every hour on Hits Radio on DAB, at hitsradio.co.uk and on the Rayo app.