Buying a property overseas has never been easier, particularly when you use an experienced and trusted website like https://www.immoabroad.com, however in recent years Britain has been going through a housing crisis – yet figures show the number of people owning a second property has gone up.
In recent years Britain has been facing a housing crisis. It’s important to frame the issue properly – it’s not an issue of lack of physical supply. There continue to be many new houses being built every year, indeed, many usable properties lie empty. In Birmingham alone it was reported in 2017 that as many as 200,000 properties were lying empty, and this is a trend that is seen across the United Kingdom. The epicentre however for so called “idle property” is London.
The nature of the on-going housing crisis
London sees massive foreign investment in terms of property; however those who buy expensive homes there rarely spent much, if any, of their year in those homes. Their steadfast refusal to rent out the property means they sit vacant, as do many other perfectly usable homes, while homelessness figures continue to rise every single year. The housing crises then is not down to black and white issue of there not being enough property to go around, there clearly is. So what’s to blame? It’s a cocktail of things including mismanaged legislation, abused loopholes, a consistent degree of inequality in the marketplace, and many more issues besides.
How are second home figures rising during a housing crisis?
The simple answer is that, as with many issues of economics, it’s the people who are at the bottom of the ladder who are feeling the brunt of the housing crisis. The market continues to be very receptive to people who’ve the capital to invest in a second home whereas those wishing to make their first step onto the housing ladder are finding it harder. This means that the real estate business has been able to see continual growth in certain areas, such as the area of second homes. And with a housing crisis in currently going on it makes investing in property abroad seem even more appealing. A second home is a valuable asset in a number of ways, whether it’s to be used for rental income, as an appreciating investment, or as a failsafe in times of economic trouble.
The take away from this is that even though there is a housing crisis going on, a second home continues to be an attractive investment for those with the means to do so.