The vast majority bought their properties in the last six years, following the boom in UK house prices in 2007 which resulted in a huge rise in equity that owners quickly put to good use buying a second home in the UK or abroad.
More than 90% of respondents stated they had property in Europe, with France and Spain unsurprisingly the top two countries, but 53% stayed closer to home in the UK.
Although the rise in equity helped finance these purchases, 44% of respondents still had to take out a mortgage to help fund the investment, with an average loan-to-value of just over 25%. Some are covering this debt with rentals; a canny 24% stated they were fully covering payments with income from holiday lets, but over 20% were paying for the property directly out of their income, pension or savings.
Andy Cockburn, Regional Director for HomeAway.co.uk said: "One in four British holidaymakers now opt for a private holiday rental so it seems many second homeowners are still missing a trick. With our average client reporting rental income of £10,000 per year, owners feeling pressure to sell may wish to consider holiday lets."
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