Rich to buy second homes

PUBLISHED: 17:38 03 August 2006 | UPDATED: 11:56 04 May 2010

FOURTEEN per cent of wealthy Britons will buy a second home in the next year and most of those will opt for a place in Britain, claims Cambridge bank manager Rosemary Langley. Rosemary, from Lloyds TSB, says research carried out by the bank revealed that,

FOURTEEN per cent of wealthy Britons will buy a second home in the next year and most of those will opt for a place in Britain, claims Cambridge bank manager Rosemary Langley.

Rosemary, from Lloyds TSB, says research carried out by the bank revealed that, although rental income on properties in popular British holiday destinations are holding up well, the prime reason for buying is to have an easily accessible weekend bolt hole.

Of those with investable assets in excess of £250,000 surveyed, nearly two thirds said that they are considering buying another property with a view to primarily renting it out. Over half intend to use it as a holiday home and 43 per cent are thinking about buying a supplementary property to help their children get on the property ladder.

Nearly half plan to spend between £200,000 and £250,000 on their second home.

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