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The Business: London Is Now The Second Homes Capital Of England.

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'London is now the second homes capital of England':

http://thebusinessonline.com/Stories.aspx?...51-3BED824B3271

Despite rising council tax bills, second home ownership in the UK is still growing and is expected to soar in the next 10 years. Between 2004 and 2005, the official number of second homes in England grew to more than 250,000, while the unofficial figure is likely to be far higher, according to a recent study from estate agent Savills.

Demand for second homes has been pushing up house prices in the West Country, particularly in Cornwall, which accounts for 21.5% of second homes, pricing local buyers out of the market. But properties here still look good value compared to the Cotswolds and continue to attract second homers. It's a similar story in North Norfolk, which has experienced the largest growth in the number of second homes over the past 12 months (10%).

[...snip...]

Not all second homes are in rural areas; many are in city centres including Manchester, Birmingham and London. Indeed, pieds-a-terre in the City of London account for the lion's share of the market at 27.2%, according to the study.

"Nearly a third of all rateable dwellings in the City of London are not main residences and the London boroughs of Westminster, and Kensington and Chelsea, all feature in the Top 20 second home locations," according to Yolande Barnes, director of Savills research.

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Sheesh, talk about equity spill over.

Let's face it Council Tax is never going to have the teeth to discourage this unhelpful trend. Only serious tax disincentives need apply to do the job.

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Of course they are, there are sod all homes in the City of London and almost all of those that there are are small flats next to offices (and the Barbican).

I am surprised it's as low as a third.

Look at it, you work 12-14 hours a day in the financial sector, you have a house in Surrey, Kent, Berks, Bucks or wherever, you get in the office at 8am, you finish circa 10pm at night and you have breakfast meetings the day after - do you spend £200 a night on a hotel or do you have your own place for less ?

[many City people do work these hours 8 to 9 months a year, seriously.]

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Some Law Firms in the City are second homes. They have dorms for lawyers to sleep over at night so as not to waste billable hours travelling and having breakfast with their families.

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Look at it, you work 12-14 hours a day in the financial sector, you have a house in Surrey, Kent, Berks, Bucks or wherever, you get in the office at 8am, you finish circa 10pm at night and you have breakfast meetings the day after - do you spend £200 a night on a hotel or do you have your own place for less ?

[many City people do work these hours 8 to 9 months a year, seriously.]

no. you simply get realistic and get an easier job and cut back on your demand for a material based lifestyle.

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no. you simply get realistic and get an easier job and cut back on your demand for a material based lifestyle.

And why is it a material lifestyle - a good City lawyer can earn enough to retire at 40. And live for another 30 years in comfort.

You can serve Mammon today and live tomorrow or you can serve mammon for today and another 25 years extra and exist a bit easier now and then have 10 years of retirement when you are physically declining.

I know my choice - I'll go for it now then it's my choice to get out of bed in my middle age.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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