After a lackluster 2020, buyers of second homes in London have hit the property market with some ferocity this year, breaking two national records.
Data received by MyLondon from the Hamptons reveals that for the first time, the average London second home buyer spent more than half a million pounds in 2021.
Statistics recorded by the estate agent in the first 10 months of 2021 predict that by the end of the year second home buyers shopping outside the capital would have spent an average of £ 558,500 on their homes. properties.
This figure is up from the average of £ 416,100 in 2020, marking a significant increase of £ 142,400, or 25.5%.
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The most popular destination for Londoners looking for a second home is Cornwall.
Cornwall is proving to be a great place for Londoners, as well as other city dwellers, looking for a quieter life along the coast, where there is an abundance of detached rural houses available at relatively low prices.
According to the data, 14.9% of Londoners who bought second homes outside their hometown in 2021 bought their second home in the county.
On average, buyers of second homes in Cornwall spent around £ 326,266.
In total, purchases of second homes by Londoners in Cornwall have brought in over £ 114million for the county.
However, Buckinghamshire drew the big spenders in 2021, where the average London second home buyer spent £ 731,250, more than any other part of the UK.
This was followed by Wiltshire, where second homes cost an average of £ 701,045.
Figures for 2021 show that a record 2,350 Londoners bought a second property outside London this year, which is around 2.6 times higher than in 2020.
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In 2020, only 894 Londoners bought second homes outside the capital, the lowest number since 2010.
But, compared to 2019 figures, the number of Londoners buying second homes in the rest of the UK has more than doubled in two years.
The Hamptons suggest that just under a third (32%) of Londoners who buy a second home are buying properties in the southwest of England. It is immediately followed by the Southeast (27 percent).
Only 0.7 percent of buyers of second homes in London have made their way to the northwest.
About eight percent of second home purchases were made in Folkestone and Hythe in the south-east, where the average spend was £ 262,928.
The cheapest of the top 10 places buyers of second homes in London settle was Teignbridge, Devon, where the average spend was around £ 233,666.
The list also includes the local authorities of Chichester, Gwynedd, King’s Lynn and West Norfolk, Bournemouth Christchurch and Poole and Arun.
In total, the top 10 represents 52 percent of all locations where London second home buyers buy properties.
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