Buying a holiday home is an adventure, and one which ends with your own little slice of paradise in a spot you’ll cherish.
But where to buy one? If you’re not already set on a location you have an attachment to, then hopefully we can provide some inspiration - whether you’re looking for an investment, or just a place where you can unwind, forget about work and enjoy yourself.
Despite the south-west of England seeming to be a perennial favourite, specifically Devon and Cornwall, trends over the last decade suggest the north is where it’s at.
Research by Garrington Property Finders shows that, between 2010 and 2017, the number of holiday homes in the north-east of England has risen by almost 60%.
Staying in the north, Yorkshire and Humberside has seen an increase of 56%, and Wales has seen growth of around 37%.
|Rank||Region||Rise/fall in no. of holiday homes|
|2||Yorkshire & Humberside||56.1%|
In the last few years, a weak pound has no doubt been a factor in more British holidaymakers making domestic trips, and an increase in foreign tourists.
“The combination of consistent rental demand and solid capital appreciation is making holiday homes an increasingly attractive investment proposition,” says Jonathan Hopper, Garrington’s managing director.
“But there’s now another factor at play – tax relief. Holiday homes which are let furnished may still qualify for full mortgage interest tax relief, while buy-to-let owners can now only claim half as much.
“For many prudent property investors, that tax advantage is tipping the balance decisively in favour of holiday homes, meaning they are fast becoming the new buy-to-let.”
Buying a property and getting it up to scratch can, if we’re perfectly honest, be a time-consuming pain in the face. Wouldn’t it be nice if you could just buy a ready-to-go holiday home in an Area of Outstanding Natural Beauty, and not have it cost the earth?
Well, it turns out you can. One such company offering this is Park Leisure, which operates 12 holiday home parks in the UK - mostly dotted around the south west and north east of England. These are styled as luxury holiday homes and lodges.
It offers varying levels of ownership, so if you can’t afford to buy a holiday home outright at the moment, you can plump for ‘concierge’ service, where ownership is essentially shared. An eminently affordable option, packages start from £15,000.
Similarly, the ever-popular Parkdean has a whopping 67 parks around the UK at the time of writing, and its caravans and lodges can be bought from around £55,000 outright.
There is, however, a catch. You might find it tricky to get insurance for properties on a shared site. Admiral doesn’t cover holiday home parks because you need an individual address, and you’re likely to find the same with many other insurers.
Also, while considering whether you need buildings insurance for the property, it’s worth looking into whether the holiday home company maintains the buildings through ground rent or service charges.
If you’re looking for some more inspiration on where to buy a second home in the UK, take a look at some of the most beautiful locations around the country for the perfect staycation.
But if the great British weather isn’t floating you boat, you may be looking further afield for a holiday home.
According to Channel 4’s A Place In The Sun, these are the top 10 most popular countries or regions to buy a property, ranked by its website traffic and searches:
|Rank||Compared with 2018||Region|
Spain is unsurprisingly popular among Brits, with its toasty climate, mouth-watering cuisine, and charming villas. The average cost of a property searched for is around £124,000.
This could get you a four-bedroom villa with a pool in the south of Spain. Not too shabby! The most popular areas include Torrevieja, along with other spots on the Costa Blanca.
France also remains popular, with an average search price of £138,000. In third place is Portugal, though it tends to be more expensive. The average cost of a property searched for here is £224,000.
For budget properties, Bulgaria is a popular spot for British buyers, with homes within striking distance of either awesome ski resorts or beautiful Black Sea beaches.
The average property search here is closer to the region of £34,000 - but it’s possible to get serviceable homes for less than £10,000. The most popular search location isn’t actually beside the seaside or next to the slopes - it’s the inland cultural centre of northern Bulgaria, Veliko Tarnovo.
If you’re thinking of buying a holiday home in the UK, it’s worth considering what kind of home insurance you’ll need. It may not be as simple as buying a regular home insurance policy, which often don’t cover properties if they’re unoccupied for a certain length of time, but don’t worry, simply give us a call and we can chat through your options
If you’re looking to insure more than one home, take a look at our MultiCover Insurance, not only can you cover more than one home, but you can also add cars or vans to the same policy. You’ll have just one renewal date to remember and you’ll get a discount for each home or vehicle you add to your MultiCover.
If you’re considering buying abroad, it’s worth looking into insurance before you commit. Bear in mind Admiral only offers home insurance for properties in the UK (excluding the Channel Islands and the Isle of Man).
Specialist companies such as Towergate may offer you cover for your overseas holiday home, but always do your research thoroughly before signing on the dotted line.
If you’re househunting either in the UK or abroad, it’s worth considering a good Travel Insurance policy so you’re covered not only for your overseas trips, but domestic ones too.
31 Oct 2016
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