The surprise UK town suddenly swamped with second homes - not in Cornwall or Lake District

Newcastle-under-Lyme, a municipality traditionally overlooked successful discussions astir second homes, has emerged arsenic England's astonishment hotspot for 2nd spot ownership.

Once without a azygous 2nd location successful 2022, the Staffordshire municipality has seen a melodramatic emergence to 303 2nd homes successful 2024, a much than tenfold summation successful conscionable 2 years.

While this fig is humble compared to hotspots similar Cornwall oregon Brighton, the proportionate maturation successful Newcastle-under-Lyme is the largest successful England, highlighting an unexpected inclination acold from the accepted locales of London oregon coastal retreats.

The surge successful 2nd homes is not constricted to Newcastle-under-Lyme.

Across England, determination are present 279,870 2nd homes, marking an 8.9 percent summation implicit 2 years.

Wandsworth, Lincoln, Solihull, and Nottingham person besides seen notable spikes, portion Brighton and Hove recorded the largest numerical increase, adding 1,506 2nd homes successful a year.

Cornwall remains the epicenter of second-home ownership with 14,123 properties, 1 successful each 20 dwellings. North Yorkshire and Kensington and Chelsea travel with 8,572 and 7,667, respectively.

Second homes scope from vacation rentals similar Airbnbs to “buy-to-leave” properties purchased arsenic investments.

Newcastle-under-Lyme’s emergence reflects changing dynamics arsenic investors question opportunities extracurricular accepted hotspots, attracted by little spot prices and imaginable for growth.

The accelerated maturation successful 2nd homes has sparked concerns astir the strain connected section infrastructure and lodging availability.

In Cornwall, wherever 2nd homes dominate, residents look challenges specified arsenic lodging shortages and inflated spot prices.

A spokesperson from the Ministry of Housing, Communities and Local Government acknowledged the vexation successful affected areas: “We are taking decisive enactment to support communities by giving councils powers to complaint a assembly taxation premium connected 2nd homes and expanding Stamp Duty for further properties.”

From April 2024, councils tin enforce a assembly taxation premium of up to 100 percent connected 2nd homes, alongside higher Stamp Duty rates connected further properties.

As Newcastle-under-Lyme and different unexpected locations look arsenic second-home destinations, the inclination reshapes England’s spot landscape.

While concern opportunities grow, section communities and governments grapple with the implications of this rising phenomenon.