Cornwall is UK Property Hotspot for Second Homers

Cornwall keeps top spot as the favourite UK destination for second homers with 14,000 properties – almost double that of second place Westminster, London.

The most sought-after postcode for holiday homes in the UK is Cornwall’s South Hams, which includes the towns of Salcombe and Totnes, where just under 10% of all homes are second homes, according to a study by web portal primelocation.com.

The average price of a second home in Cornwall is £247,000, while those in Westminster cost at least £1 million.

The number of second homes and holiday properties has nudged up in the past year despite continuing financial problems for many families.

The total number of homes was up a marginal 0.19% or 468 properties from 246,026 to 246,494,

Primelocation.com property analyst Nigel Lewis reckons buying second homes is seen by many as a hedge against low returns from savings in banks and building societies, with a more long-term view that the property market will outstrip other investments.

“The poor rate of return being offered by more traditional investments such as bank deposits, stocks and shares and even Isas, leads many to see a second home as a more promising place to invest their capital in the medium-to-long term,” he said.

Other popular second home locations include seaside towns like Scarborough, Birmingham, where a second home costs an average £150,000 and Tower Hamlets which is popular with City workers looking for a weekday crash-pad.

North Norfolk, South Lakeland and Camden also took high rankings on the list.

Meanwhile, the web site is also urging holiday home owners who let out their properties to declare their income to HM Revenue and Customs, as a new a 200-strong task force is out to catch tax cheats who rent out their properties but fail to declare the income in full – or at all – on their annual tax returns.