The sales market for second homes is under severe pressure from the recent Stamp Duty increases and more people are now renting instead of buying their pieds-a-terre flats and rural bolt-holes.

That’s the claim being made today by Hamptons International, which has taken over from parent company Countrywide as the publisher of the group’s monthly lettings index.

According to its figures, 13,680 second homes were rented last year in the UK, a 136% increase on 2007 and 11% up on 2016.

“The number of people renting second homes has reached a record high,” says Aneisha Beveridge, Analyst at Hamptons International (pictured).

The company says this is being driven chiefly by the 3% additional Stamp Duty buyers of investment and additional properties have had to pay since 2016.

Second homes

Second homes also rent for 25% more than ‘normal’ or primary rented properties, the index reveals, renting on average for £1,060 pcm across the UK and £2,030 in London.

This reflects how most second home hotspots are in the pricey coastal holiday towns and villages of both the South West and Scotland as well as London’s apartment market.

“The places second home renters are choosing include a mix of town and country,” says Aneisha.

“Second home rental hotspots reflect today’s lifestyle choices from the pied-à-terres in towns and cities [that are] close to work, schools and all the amenities that city life has to offer, to rural and coastal locations perfect for escaping the trappings of a busy urban life.”

Figures also published today by Hamptons International about the general rental market will bring some much-needed good cheer for tenants.

The average rent in the UK continues to rise more slowly than inflation, increasing year-on-year by 1.3% while consumer price inflation is increasingly by 2.3%, the most recent government figures recently revealed.