Holiday home hotspots: Norfolk
The rising popularity of the staycation among Brits has started to make an impact on the property market in the UK, according to statistics.
The combination of low interest rates and high demand for accommodation for short and weekend breaks has led houses and cottages being bought as second homes, for use by their owners, or to be rented out via firms such as Easy Cottages .
Norfolk is a region proving a particular hit with those buying properties and holidaymakers. A Knight Frank report published in July stated that more than two in five properties in the West Norfolk village of Brancaster is now a holiday home. A number of other villages and towns in the region are also displaying similar trends.
Grainne Gilmore, Knight Frank’s head of UK residential research, said: “The staycation trend seen in recent years looks set to continue as the weak pound makes the option of holidaying abroad or buying a home overseas seem less attractive.
“Instead, buyers are choosing a second home in the UK. The possibility of letting out the property when they are not staying also means that it becomes an investment as well as a luxury.”
For more information on the growing buy-to-let market, take a look at this article: http://www.moneyhighstreet.com/mortgage-news/resurgence-buy-to-let-lending/