Holiday homes in England and Wales have a combined market value estimated at £21.4bn, according to new research from estate and lettings agent Barrows and Forrester.
The study considered a holiday home to be a residential property owned by someone in England or Wales who already owns a primary home, excluding overseas or non-resident investors and owners.
The findings suggest that approximately 71,140 holiday homes exist across England and Wales, with the South West hosting the largest share at 27.7% or 19,740 properties.
These homes are worth a collective £6.5bn, given the region’s average house price of £327,144.
The South East and Wales follow with 16.9% and 14.2% of the total holiday homes, worth £4.7bn and £2.1bn respectively.
On the other hand, the West Midlands region has the smallest holiday home market, with just 1,990 properties accounting for 2.8% of the national total.
Cornwall emerged as the most popular local authority for holiday homes, boasting around 6,080 properties with an estimated market value of £1.93bn.
North Yorkshire came in second, hosting 3,355 holiday homes worth around £925m. Gwynedd, Dorset, and Westmorland and Furness also ranked among the top five areas for holiday home ownership.
James Forrester, managing director of Barrows and Forrester, noted that while the prevalence of holiday homes can lead to housing shortages for local residents, they can also boost local economies through tourism. He said: “It’s a complex and often moral conundrum, but one thing is for sure – there’s an immense amount of money wrapped up in holiday homes. The question is, does this money work to benefit the right people?”
