Second homes used for buy-to-let

An increasing number of people in the UK own a second home and the majority of these use the property for buy-to-let purposes.

That is according to a new study by Nationwide, which found that ten per cent of those questioned already own a second property and a further 14 per cent would consider doing the same.

Of these, 55 per cent said that they let the property out on a regular basis, while seven per cent let it out as a holiday home.

"Purchasers of second homes - be they for personal use or to let out - are an important source of housing demand and have probably helped push up prices in many areas of the country," said Martin Gahbauer from Nationwide.

"One must not forget... that second home buyers also make important contributions to the local economy through their support of local businesses," he added.

The survey revealed that people living in the north-west are the most likely to own a second home for personal use, while Londoners are the most likely to own a second home for buy-to-let purposes.

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