Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Over a Fifth of UK Homeowners Want Second Property but Cite Cost Concerns

More than a fifth of UK homeowners would like to own a second property, but many believe it is unaffordable, according to research from Barclays. The report found that 22% of existing homeowners expressed interest in a second home, while 11% are considering buying an additional property within the next two years.

Barclays’ Property Insights report highlighted that running costs are the main concern for those considering a second home, cited by 28% of respondents. Nearly a quarter pointed to the time required to manage an additional property as a barrier, and 21% mentioned stamp duty costs as a significant factor.

For those who have considered or already purchased a second home, the average deposit needed was £50,340. Stamp duty costs averaged £29,849, and third-party costs totalled £5,698, bringing the average total cost of acquiring an additional property to £85,887.

The research also found that many homeowners are reluctant to become landlords, with 69% saying they did not want the responsibility due to costs and complexity. Additionally, 48% felt that owning a second home was financially risky in the current economic climate.

Attitudes towards property as an investment are also shifting. The report noted that 36% of respondents believed buying property as an investment adds pressure to the housing market, while 34% felt it would be better to invest in stocks instead of property.

For letting agents and inventory clerks, these findings suggest that while there is interest in second home ownership, concerns about costs, management responsibilities, and market risks may limit growth in the sector. The reluctance to take on landlord duties and the perception of financial risk could impact demand for letting and property management services.