Majority of the 50,000 second homes are in 4 central boroughs

Kensington Chelsea-2Nearly 50,000 properties in London are designated as second homes and lie empty for much of the time.

The figures are revealed in the Council Tax listings and show more than half of the second homes are in just 4 areas – Kensington and Chelsea, Westminster, Camden and Tower Hamlets.

In Kensington and Chelsea around 1 in 10 dwellings is defined as a second home. Westminster has 6075, or 5% of its housing and there’s a similar proportion in Camden and Tower Hamlets.

Second homes

The highest proportion is in the City of London where 32% of properties are second homes. And outer boroughs such as Enfield, Hillingdon, Hounslow and Merton have over 1,000.

A second home is defined for Council Tax purposes as one that is not the main residence and used for a limited time during the course of a year.

The idea of a pied-a-terre for those living outside the capital with the wealth to afford a small London base is long established. But there’s concern that overseas property buyers are now fuelling the market, purchasing homes as an investment and happy to leave them empty.

This has an impact on the property market, increasing demand, pushing up prices, and contributing to the crisis of cost and affordability in the London.

Source data

See also

Why the London property market is heading back to the 1970s

Half the city’s homes are flats but London is low in the high-rise stakes

The jobs success and housing failure causing a crisis for the capital