The value of UK residents’ second homes, buy-to-let properties and overseas properties rose from £610 billion in 2001 to £941 billion at the start of June.
Meanwhile, the number of adults in the UK who own additional properties has more than doubled since the Millennium to around 5.5 million.
A key driver of the growth appears to have been the buy-to-let property market, with the number of buy-to-let mortgages having seen a 15-fold increase since 2000.
Since 2008, the number of people in the UK owning rental properties has increased from around 1.2 million to approximately two million.
In contrast, the figures from the Resolution Foundation found that the proportion of the UK population who own their own homes has fallen from a high of 71 per cent in 2003 to 64 per cent in 2014-16.
Owning a second home as an investment is a dream for many, but this dream can quickly feel like a nightmare if the purchase, letting and eventual sale of a property isn’t handled correctly. For advice on your property portfolio, please contact us.