Direct Line Home Insurance: Second homes market to boom
www.moneynews.co.uk > Housing market > Direct Line Home Insurance: Second homes market to boom
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Direct Line Home Insurance: Second homes market to boom
Thu 25th Aug 2005
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A study by Direct Line Home Insurance, with the Centre for Future Studies, forecasts the number of people buying second homes in the UK to increase by 24 per cent to 405,000.
This figure is 156,000 higher than the number of second homes to be owned by Britons overseas.
Increasing affluence, the ageing population and climate change have been highlighted as the three driving forces behind this trend and areas thought to become second home hotspots include East London and Bradford city centre, in addition to cities such as Liverpool, Newcastle and Glasgow.
Commenting on this trend, Andrew Lowe, head of home insurance at Direct Line, said: "A strong economy, warming climate and a regenerated urban landscape are the key factors set to make Britain more attractive than ever as a second home location.
"As this trend continues, second homeowners need to think seriously about properly insuring their second properties and treating them as important assets to be protected, as they would their primary residence."
Britons currently own 328,00 second homes in the UK.
Related News : Housing market |
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Related News : Direct Line |
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