Stamp duty surcharge: too early to say if holiday home market is hit

Countrywide says it is too early to say whether the stamp duty surcharge introduced in the spring has had any significant effect on the UK holiday home market.

Some 1.6m people in the UK own 'additional properties' but only 165,095 told the 2011 Census their second home was chiefly for holidays. 

In an Estates Gazette article, Countrywide states that churn amongst holiday home owners is low. The agency group calculates average holiday home ownership at 20 years, three times that of owner-occupied property. 

"Early signs are the new stamp duty rates haven't had much of an effect on second homes" says Countrywide's head of research, Johnny Morris. 

Separate research released by estate agency Savills shows that homes sold within 100 metres of the Cornish coast attract a 10.4 per cent premium compared to those sold in the belt of 100 metres to one kilometre inland - although such premiums are paid by owner occupiers wanting a sea view as well as second homers. 

Additional data provided to Estates Gazette by Countrywide shows second home buyers typically paying above-average prices in local authority areas with 10 per cent or more of its stock in this category. It is not known whether this is because second homers simply choose to buy higher priced stock or whether their presence drives up prices generally.