Escape from the city
According to the Financial Times, second-home owners are cashing in as travel restrictions continue to boost UK holiday destinations. Whether it’s switching an existing let property from a long-term rental to capitalise on the more lucrative short-stay market, or buying a second property or even adding to their portfolio, there is a boom in UK buy-to-let and second home property purchases happening right now. Sales of countryside second homes to London-based buyers more than doubled last year, according to the Guardian. So, are you thinking of jumping on the second home bandwagon?
The market is showing no sign of letting up any time soon, with bookings for 2022 up more than 80% percent compared to reservations made a year in advance for 2021, according to property management platform Guesty
Wales is where it’s at
With its 870 miles of coastline and more than 1,500 square miles of national parkland, Wales has everything Cornwall offers but fewer crowds and less expensive. It’s rugged and adventurous coastlines and affordable property has driven a boom in second home purchasers from all over the UK. According to The Telegraph , Welsh property prices are soaring and have increased by 13 percent year on year.
Investment or weekend bolt hole?
For Londoners looking for a weekend retreat to call their own, then a property on the Kent coast would be more practical than a house in West Wales, where you’ll spend half your time travelling. But for those looking to let a property for an additional income stream, it makes sense to buy where demand is high for holiday homes. So could Wales be a contender? For buyers looking to snap up a countryside dwelling over a trophy home, this rustic region looks very attractive. Even with the additional land tax rates which apply (Wales is exempt from current stamp duty holiday reductions), investors shouldn’t right off the country as buyers can find good deals compared to like-for-like properties in England and Scotland.
Second homes for savers
If your income hasn’t been affected by the pandemic and you have built up a savings pot, then investing in a second property could not only provide you with an investment opportunity, but also a monthly income stream.
If you are thinking of buying a staycation property and would like to know how a buy-to-let mortgage could work for you, then book an online appointment and talk to Skyline Mortgage Consultant, Tony.
Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
Our range of processing and administration fees, payable on application, should you ask us to arrange your residential or buy-to-let mortgage is £395. If the mortgage does not go ahead a refund of £200 will be made
The Financial Conduct Authority does not regulate some forms of Buy-to-Let.