There’s a feeling I get as soon as I drive through the gap in the Chiltern
hills,” says James Burgess, a marketing manager from London. “My whole mood
changes with the geography and I immediately feel more relaxed.” It is a
journey that Burgess, 39, his wife, Charlotte, 36, and their one-year- old
daughter, Ava, have been making almost every weekend for the past three
years from their home in Hammersmith, in the west of the capital. Late every
Friday afternoon, they head 80 minutes down the M4 to their second home,
deep in the Cotswolds countryside.
During a long weekend at a country hotel, the couple were seduced by the
rolling hills of Gloucestershire. They started house-hunting, and in 2004
they saw Grade II-listed Lavender Cottage and immediately offered the
£450,000 asking price. “It was just absolutely perfect,” says Burgess, who
works for Seatwave, a ticket-sales website. “It is a special place; an
amazing antidote to working life in London.”
Burgess, who works from home one day a week, admits that the idea initially
seemed frivolous. “At first, it seemed like a ridiculous luxury,” he says.
“But we have never regretted a penny spent on the house or a moment spent
there. It sounds terrible, but it even began to feel like a necessity.”
A holiday home or a weekend bolt hole may once have been regarded as the
preserve of the wealthy, but no longer: an estimated 350,000 Britons now own
a second home in this country (with probably even more owning one abroad).
There has been phenomenal growth in this area over the past decade, as
people have taken advantage of rises in the value of their principal
residence to remortgage and used the money to buy elsewhere. The agent
Knight Frank estimates that the number of second-homeowners has risen by 17%
in the past three years alone; and Direct Line, the insurance company,
predicts the number will rise to more than 400,000 by 2015.
“Second-homeownership increases after a period of high price growth,” says
Lucian Cook, director of research at Savills, another agency. “People who
have made money in high-value areas trade down or refinance these properties
and use the surplus to buy second homes.” Cook says there are three main
types of second-homeowner: the weekender, the three-times-a-year
holiday-homeowner, and what he calls the “lifestyle tester”. Of course,
people can move from one category to another: the Burgesses, for example,
have tired of spending long hours on the road shuttling between their two
homes and are selling both Lavender Cottage and their three-bed Victorian
terraced house in London, and moving to the countryside permanently.
So, how should you go about looking for a second home? First, of course, you
must decide what you want: do you dream of hearing the crash of the waves on
the beach from your front room? Of tucking yourself up in a chocolate-box
cottage deep in the English countryside? Or of retreating to a remote
hillside in search of solitude? Let us show you what you can expect to get
for your money, and how to identify the next hot spots.
BEST FOR THE BEACH
Holidaying on the English riviera in Devon, in Chelsea-on-Sea (aka Rock) in
Cornwall or on the fashionable north Norfolk coast has become the height of
chic – and prices have risen accordingly. In popular areas on the East
Anglian coast in and around Southwold and Walberswick in Suffolk, and
Burnham Market in north Norfolk, for example, estate agents estimate that
75% of inquiries are from people wanting second homes, which has led to
price rises of about 30% in the past two years. An entry-level cottage in
one of these hot spots will cost about £350,000. Such places are popular for
a reason, though, and hard to beat – provided you can afford the hefty price
tags.
In Rock, where even a fairly average new build can set you back £1m, the agent
John Bray is offering five-bed Stepper House, overlooking the achingly
fashionable Camel estuary, for £2.5m (01208 862601, www.johnbraysales.co.uk).
In Devon, Knight Frank is selling Edencliffe Manor, a Regency-style house on
the English riviera with views over Babbacombe Bay, for £2.5m (01392 423111, www.knightfrank.com).
Can’t afford Devon’s South Hams? Robin Thomas, senior partner at Strutt &
Parker’s Exeter office, advises house-hunters to look further north, from
Torrington to Bideford, and at pretty villages such as Clovelly, Appledore
and Westward Ho! “They’ll never become as popular as Rock or Helford, but
they are in beautiful countryside three hours’ drive from London and will
see price rises,” he predicts.
Cheshire residents are increasingly making the two-hour drive west to the
north Wales coast, according to Lucy Russell, managing director of
Quintessentially Estates, a property-finding service. Especially popular are
old Victorian favourites such as Conwy and Llandudno, with views over the
sweeping sands of Colwyn Bay, where prices for a three-bed semidetached
house start at £180,000.
There are also plenty of forgotten villages and lesser-known sandy beaches
along the Welsh coast, where prices are up to 30% less than in the
southwest. Although properties in well-known hot spots around St David’s and
Newport in Pembroke-shire command a premium, Neil Evans, a partner in West
Wales Properties, suggests looking instead to Marloes and St Ishmael’s in
southern Pembroke-shire, or anywhere on the coast from Cardigan to
Aberporth, where prices lag 20%-25% behind Pem-brokeshire. On the Gower
peninsula, just west of Swansea, for example, you can pick up a two-bedroom
terrace in the Mumbles for £214,995 (Peter Alan; 01792 361581, www.peteralan.co.uk).
Some towns on England’s south coast once taken over by the blue-rinse brigade
are becoming hip again: the agent Spicerhaart tips Broadstairs, along the
Kent coast from fashionable Whitstable, which it says has had the largest
number of sales of all its southeastern branches over the past year.
Well-heeled Londoners, it says, are flocking to the town, attracted by
prices still as low as £150,000 for a two-bed terraced property. Skegness,
in Lincolnshire, once famed for its bracing air, is now attracting attention
for its neat little bungalows; prices start from about £130,000 for a
two-bedder.
BEST IN THE COUNTRYSIDE
If England’s green and pleasant land is your idea of holiday heaven, then head
for a national park. Live within the boundaries of one of them and not only
do you get lovely surroundings, you will also benefit from a protected
environment and, often, a tight-knit community as well.
They don’t come cheap: William Morrison, head of Knight Frank’s Exeter office,
estimates that being on Dartmoor will add a 10% premium, while Andrew
Holmes, of Carter Jonas in Kendal, says the premium in the Lake District,
the most popular of Britain’s 14 national parks, is more like 15%. Add lake
frontage and “money is no object”, he says.
Also, don’t count on being able to buy a tiny hovel and turn it into a
mansion: planning restrictions tend to be stringent. “We do try to make sure
that extensions are not overly large,” says Ruth McArthur, policy and
community manager at Exmoor national park authority. “We don’t want existing
housing stock becoming huge houses.”
The outlying villages could give you the best of both worlds: Victoria House,
a three-bed property near Bedale, about 10 miles outside the North York
Moors national park, is on the market for £365,000 (George F White; 01665
600169, www.georgef white.co.uk)
and benefits from easy access to main roads, as well as beautiful
countryside. In Dorset, meanwhile, Wick Farm, near Southbourne, 1½ miles
from the New Forest, is on sale for £475,000 (Winkworth; 01425 270 055, www.winkworth.co.uk);
the agency reckons the price tag would be £100,000 higher if it were within
the New Forest itself. Bwlch Gwyn, a three-bed stone cottage just outside
Snowdonia national park, is priced at £495,000 (Carter Jonas; 01248 360410, www.carterjonas.co.uk).
It includes a stone outbuilding with potential for conversion – which will
be much easier than if it were within the park itself.
BEST FOR INVESTMENT
So, how can you get in early on the next Rock or Southwold? Cook suggests
going for places in Dartmoor, the New Forest, on the Kent coast, the
Lincolnshire coast and in the North York Moors, where second-homeownership
figures are rising. “Emerging holiday-home hot spots in these areas are
worth looking at,” he says. “As are counties such as Shropshire or
Herefordshire, which are on the borders of popular areas such as the
Cotswolds.” He recommends looking at places such as the north Devon
coastline, around Croyde (the next Rock, apparently) and out into the Elham
Valley in Kent; the new high-speed rail link, due to open in 2009, will
improve accessibility to the area.
While there has already been a well-dressed stampede to certain parts of the
East Anglian coast, there are still areas with room for growth. Tim
Stephens, head of Humberts in Norwich, says West Runton, Sheringham and
Cromer in north Norfolk, and Halesworth, Beccles and Reydon in Suffolk are
up-and-coming areas. He is selling a new-build, two-bed end-of-terrace
cottage in Reydon for £249,500 (01603 661199, www.humberts.co.uk).
BEST ON A BUDGET
There may not be a barn left unconverted in the more popular villages of
southwest England, but head across Offa’s Dyke to Wales and there are scores
of rundown properties for less than £250,000. Move north to the border
counties of Scotland, meanwhile, and you can find a Highland bargain –
you’ll have to pay for proximity to golf courses, though. If you can put up
with the midges in the southwest, then you can pick up a cottage for 10%-30%
less than its equivalent away from the pesky creatures.
The same rules apply even in some of the pricier areas: in the Cotswolds, for
example, if you can’t afford the chocolate-box charms of Bibury,
Bleding-ton, Kingham, Stow-on-the-Wold and villages in the Coln Valley, then
look at Aldsworth, Burford, Chedworth, Cirencester, Frampton Mansell,
North-leach or Southrop, says Sam Butler, a partner at Butler Sherborn, a
local specialist agency.
BEST OF BOTH WORLDS
Investing in a purpose-built holiday home no longer means buying a caravan.
These days, there are plenty of properties – from ecolodges to more
conventional holiday homes – that combine a prime location with
lock-up-and-leave convenience. “It’s a shift from being in a hotel to a
controlled holiday,” says Simon Scott-Nelson, new-homes manager in Strutt &
Parker’s Exeter office.
Some of these schemes are proving extremely popular – which should make them a
good investment. All 14 flats in 270 Degrees North, a scheme in Newquay,
Cornwall, sold off-plan in seven weeks. Strutt & Parker is marketing
Ocean Gate, a development of 25 flats, also in Newquay, with views across
Fistral Beach, a private roof terrace with hot tub and sun loungers, and an
adjoining restaurant. Prices start at £230,000 for a two-bed flat (01392
215631, www.struttandparker.com).
In Mudeford, Dorset, Savills is selling a development of 10 four-storey villas
overlooking Christchurch harbour, where children still go rock-pooling.
Prices start at £1.5m and include boat room, jetty access and use of the
health club at the hotel that is also part of the development. Less to
spend? Waters Edge, a development of 24 properties in Lincolnshire,
overlooks a private marina with access to the River Nene. Each home has its
own mooring. Prices start at £495,000 for a four-bedder (020 8906 1270, www.watersedgewansford.co.uk).
- Lavender Cottage in the Windrush Valley is for sale for £695,000,
with Butler Sherborn; 01993 822325, www.butlersherborn.co.uk
TOP TIPS
- Ensure you have the right insurance – especially if you plan to let.
- Make sure the cover extends to theft and malicious damage Think cheap and
cheerful: a second home is a place to relax in, not to worry about wine
stains on the couch.
- Scour auctions for cheap furniture, crockery and cutlery Invest in a sofa
bed for the living room and twin beds for guests who want to bring children
- Can you get there and back easily? If you want to work there, check the
available broadband is up to the task
FRINGE BENEFITS
Cast your net afield
The charms of the Kent coast have attracted Londoners for more than a century,
with people flocking to holiday homes in Whitstable and Sandwich. Built in
1884, when Deal was a bustling fishing town, the Boatmen’s Rooms gave
sanctuary to sailors stranded by strong Channel winds. The property was then
turned into a private house and was home to Arnold Cawthrow, creator of the
I-Spy books. The three-bedroom house, with a walled garden, is six miles
from the A2 and nine from Dover, and almost two hours by train from London.
On the downside, don’t bother with a bucket and spade – the beach is pebbly,
so bracing walks are the order of the day.
For sale for £600,000, with Strutt & Parker; 01227 451123, www.struttandparker.co.uk
Potter around the Lakes
A classic whitewashed cottage in the Lake District’s honey pot of popular
spots such as Windermere and Ambleside could set you back more than
£600,000. Venture a little further afield and prices quickly drop. Garth
Nook, for example, is a detached fourbed period home for sale for £475,000
in the hamlet of Soutergate, a 10-minute walk from the nearest shop in
Kirkby-in-Furness, and a one-mile stroll from the sea – although it is a
45-minute drive to Coniston Water. The property has views of Kirkby Moor.
There are two reception rooms with original features and the house was
recently replumbed and rewired. There is a large garden, barn, orchard and
paddock.
For sale for £475,000, with Carter Jonas; 01539 722592, www.carterjonas.co.uk
Some Devonshire cream
Buyers are increasingly looking to the more rugged coasts of north Devon and
north Cornwall to get on the second-home ladder in the southwest, or to be
able to get another bedroom or to add more land. This two-bedroom,
17th-century property is a good example of what’s on offer: it is set back
from the high street in the former fishing village of Appledore in Devon,
near the surfing mecca of Croyde. The outside space isn’t large enough to
cater for two deck chairs, but there’s a quay nearby, and for an extra
£9,000, you can snap up a beach hut with fenced mini gravel garden at
Westward Ho!. Bideford is three miles away and Barnstaple 12.
For sale for £190,000, with Bond Oxborough Phillips; 01237 479999, www.bopproperty.com
Beat a reasonable retreat
Property prices are rising in Crumplehorn, a tiny, picturesque Cornish village
on the outskirts of Polperro (where the local cider is lethal), but have yet
to reach the giddy heights of neighbouring Fowey and its surrounding
estuary. Mousehole Cottage – incidentally, it’s pronounced “Mowzel” – has
two bedrooms, two reception rooms (one of which could double as a third
bedroom if you need it), and a kitchen/dining area. The terraced property also
has a small garden and would make a good rental investment: it is 20 miles
from Plymouth, which is about 3½ hours by train to London Paddington.
For sale for £360,000, with Bradleys; 01503 264888, www.bradleys-estate-agents.co.uk
