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Holiday Property - UK - May 2013

“One of the most common deterrents to buying a holiday home is the concern over lack of holiday variety - having to visit the same place all the time. The key is to persuade potential buyers of the virtues of trading variety for depth: the benefits of developing roots in a place they love and of finding the authentic experience of another landscape and culture that many of today’s holidaymakers crave.”

– John Worthington, Senior Analyst

Some questions answered in this report include:

  • How can vendors more effectively promote holiday property to potential buyers?
  • Would-be buyers are understandably more cautious than in pre-recessionary times. How can vendors help?
  • What is the potential for shared ownership of overseas holiday homes?
  • With the place in the sun dream now more than ever just the preserve of wealthy consumers, is there an affordable alternative?
  • Has the image and reputation of timeshare improved?
 

The number of second homes overseas owned by households in England is estimated to have trebled from 129,000 to 389,000 through the course of the last decade, the most conspicuously affluent manifestation of Briton’s love affair with Spain, France and other overseas holiday destinations. However, in recent years, overseas holidays have been eclipsed by staycations, and the property market has been impacted heavily by the harsh economic climate. Second home transaction volumes remain low but consumer search activity is high and gathering pace – although prices are still falling in many locations and buyers are wary of getting their fingers burned.

This report analyses market trends, consumer preferences and attitudes towards buying holiday homes, investigating the core market factors and dynamics. The report also analyses data drawn from a survey of second home buyers carried out by Rightmove Overseas.

Holiday properties abroad are properties owned by UK citizens that are used for personal or commercial purposes, or a mix of both. Resort properties are included. Although people seeking to move abroad are considered, the focus is on those seeking a second property for holiday purposes.

 

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Table of contents

  1. Introduction

      • Definition
        • Abbreviations
        • Executive Summary

            • The market
              • Second homes abroad trebled in a decade
                • Figure 1: Volume forecast of number of second homes owned by households in England, 2008/09-2017/18
              • Transaction activity has now slowed sharply…
                • …but consumer interest is rising fast
                  • Figure 2: Rightmove Overseas volume of searches, January 2010-April 2013
                • Spain and France account for nearly half of homes
                  • Two thirds of owners are over-55s
                    • Market factors
                      • London outperforming sluggish UK market
                        • Figure 3: Change in average house prices in the UK, by region, 2007-12
                      • Prices falling in major property locations
                        • Figure 4: International property price movements, year-on-year change Q4 2012
                      • Overseas holiday volumes flat since 2010
                        • Figure 5: Overseas holidays, trips volume, 2007-12
                      • Sterling stays weak despite ups and downs
                        • Figure 6: Annual average exchange rates for Sterling versus euro and US Dollar, 2007-13
                      • Companies, brands and innovation
                        • Agents account for six in ten second home sales
                          • Figure 7: Vendor of second home purchased, September 2012
                        • Web is key distribution channel
                          • Figure 8: Methods(s) used to find second home, September 2012
                        • The consumer
                          • 6% of consumers are ‘active seekers’
                            • Figure 9: Overseas holiday home ownership and future interest, February 2013
                          • White-collar mini-exodus
                            • Figure 10: Overseas holiday property aspirations, February 2013
                          • Deeper destination knowledge
                            • Figure 11: Attitudes towards buying holiday property overseas, February 2013
                          • Too much hassle
                            • France has most appeal to older affluents
                              • Figure 12: Preferred first choice locations for buying holiday property overseas, February 2013
                            • Counting the coast
                              • Figure 13: Preferred requirements for buying holiday property overseas, February 2013
                            • Over-55 gastro-buyers
                              • Figure 14: Further preferred requirements for buying holiday property overseas, February 2013
                            • What we think
                            • Issues in the Market

                                • How can vendors more effectively promote holiday property to potential buyers?
                                  • Would-be buyers are understandably more cautious than in pre-recessionary times. How can vendors help?
                                    • What is the potential for shared ownership of overseas holiday homes?
                                      • With the place in the sun dream now more than ever just the preserve of wealthy consumers, is there an affordable alternative?
                                        • Has the image and reputation of timeshare improved?
                                        • Trend Application

                                            • Trend: Why Buy
                                              • Trend: The Real Thing
                                                • Mintel Futures: Old Gold
                                                • Market Drivers

                                                  • Key points
                                                    • North/South divide widens further
                                                      • Figure 15: Average house prices in the UK, by region, 2007-12
                                                    • Generation rent
                                                      • Prices still dropping in key locations
                                                        • Figure 16: International property price movements, Q4 2011 and Q4 2012
                                                      • Spain and France remain highly overvalued
                                                        • Figure 17: Property price movements and estimated valuation, January 2013
                                                      • Germany much more stable
                                                        • American dream
                                                          • Overseas holidays flat
                                                            • Figure 18: Overseas holidays, expenditure and average cost, 2007-12
                                                          • Domestic holiday demand stays high
                                                            • Figure 19: Domestic holidays and expenditure, 2007-12
                                                          • Spain recovers but France still struggling
                                                            • Figure 20: Outbound holiday visits, by country visited, 2008-12
                                                          • Budget airline resilience
                                                            • Figure 21: Scheduled passengers carried, by main low-cost airlines, 2008-12
                                                          • Volatility in currency markets
                                                            • Figure 22: Annual average exchange rates for Sterling, 2007-12
                                                          • Relief changes encourage longer rentals
                                                            • Taxing matters across the Channel
                                                              • Help to Buy may have unintended consequences
                                                                • Six in ten emigrants are single
                                                                • Who's Innovating?

                                                                  • Key points
                                                                    • Name your own price rentals
                                                                      • A Place in the Sun expands
                                                                        • Green holiday park homes
                                                                          • Unique property
                                                                            • Emotional investment
                                                                            • Market Size and Forecast

                                                                              • Key points
                                                                                • Second homes abroad treble over last decade
                                                                                  • Figure 23: Number of second homes owned by households in England, 2000/01-2011/12
                                                                                • Search activity rockets
                                                                                  • Figure 24: Rightmove Overseas volume of searches, January 2010-April 2013
                                                                                • Forecast
                                                                                  • Figure 25: Volume forecast of number of second homes owned by households in England, 2008/09-2017/18
                                                                                • Forecast methodology
                                                                                • Segment Performance

                                                                                  • Key points
                                                                                    • Spain and France account for nearly half of second homes
                                                                                      • Figure 26: Number of second homes abroad owned by households in England, by destination, 2009/10
                                                                                      • Figure 27: Percentage change in search activity on Rightmove Overseas site, by location, March 2013
                                                                                    • Most popular regions for house hunters
                                                                                      • Figure 28: Top ten most popular regions for search activity across leading destinations on Rightmove Overseas site, March 2013
                                                                                    • Analysis of second home owners
                                                                                      • Age of owners
                                                                                        • Figure 29: Age of second home owners, September 2012
                                                                                      • Length of ownership
                                                                                        • Figure 30: Length of second home ownership, September 2012
                                                                                      • Purpose of property
                                                                                        • Figure 31: Main purpose of second home, September 2012
                                                                                      • Why properties are bought
                                                                                        • Figure 32: Main reason for buying second home, September 2012
                                                                                      • Cash buyers dominate
                                                                                        • Figure 33: Method of financing second home purchase, September 2012
                                                                                      • Research methods used
                                                                                        • Figure 34: Methods(s) used to find second home, September 2012
                                                                                      • Almost half of purchases completed in six months
                                                                                        • Figure 35: Length of buying process from moment of initial decision to buying second home, September 2012
                                                                                      • Agents account for six in ten sales
                                                                                        • Figure 36: Vendor of second home purchased, September 2012
                                                                                      • Two thirds have holidayed in the location
                                                                                        • Figure 37: Familiarity with location of second home purchased, September 2012
                                                                                      • Six in ten buyers visit at least twice
                                                                                        • Figure 38: Experience of second home prior to purchase, September 2012
                                                                                    • Companies and Products

                                                                                        • Aplaceinthesun.com
                                                                                          • Fractional Life
                                                                                            • Holidaylettings.co.uk
                                                                                              • The Holiday Property Bond
                                                                                                • HomeAway Inc
                                                                                                  • Homesoverseas.co.uk
                                                                                                    • Primelocation International
                                                                                                      • Property-abroad.com
                                                                                                        • RCI
                                                                                                          • Rightmove Overseas
                                                                                                          • Types of Overseas Holiday Taken

                                                                                                            • Key points
                                                                                                              • Beach and city breaks dominate holiday preferences
                                                                                                                • Figure 39: Types of holiday taken overseas, February 2013
                                                                                                            • Holiday Property Ownership

                                                                                                              • Key points
                                                                                                                • 6% of adults are ‘active seekers’
                                                                                                                  • Figure 40: Overseas holiday home ownership and future interest, February 2013
                                                                                                                • Skiers express the most interest
                                                                                                                • Holiday Timeshare/Part Ownership

                                                                                                                  • Key points
                                                                                                                    • One in eight interested in timeshare/part ownership
                                                                                                                      • Figure 41: Overseas holiday timeshare/part ownership and future interest, February 2013
                                                                                                                  • Holiday Property Aspirations

                                                                                                                    • Key points
                                                                                                                      • Interest in co-ownership with family/friends doubles
                                                                                                                        • Figure 42: Overseas holiday property aspirations, February 2013
                                                                                                                      • Life-shifters
                                                                                                                        • Locating the sweet spots
                                                                                                                        • Holiday Property Attitudes

                                                                                                                          • Key points
                                                                                                                            • Retirement dreamers
                                                                                                                              • Figure 43: Attitudes towards buying holiday property overseas, February 2013
                                                                                                                            • Positive attitudes
                                                                                                                              • Local knowledge
                                                                                                                                • Investment uncertainty
                                                                                                                                  • Negative attitudes
                                                                                                                                    • Risk-averse
                                                                                                                                      • Same old, same old
                                                                                                                                        • Can be bad for communities
                                                                                                                                          • Timeshare troubles
                                                                                                                                            • Bargain hunters
                                                                                                                                              • Figure 44: Attitudes towards buying holiday property overseas, by overseas holiday home ownership and future interest, February 2013
                                                                                                                                          • Dream Holiday Property Locations

                                                                                                                                            • Key points
                                                                                                                                              • Spain and France still favourites
                                                                                                                                                • Figure 45: Preferred locations for buying holiday property overseas, by overseas holiday home ownership and future interest, February 2013
                                                                                                                                              • French older AB bias
                                                                                                                                                • Number one rankings
                                                                                                                                                  • Figure 46: Preferred first choice locations for buying holiday property overseas, February 2013
                                                                                                                                              • Dream Holiday Property Requirements

                                                                                                                                                • Key points
                                                                                                                                                  • Heading for the coast
                                                                                                                                                    • Figure 47: Preferred requirements for buying holiday property overseas, February 2013
                                                                                                                                                  • Traditional types
                                                                                                                                                    • Ease of access
                                                                                                                                                      • Demographic preferences
                                                                                                                                                        • Active seekers are going for renovation projects
                                                                                                                                                          • Figure 48: Preferred requirements for buying holiday property overseas by intention to buy, February 2013
                                                                                                                                                        • Gastro-property buyers
                                                                                                                                                          • Figure 49: Further preferred requirements for buying holiday property overseas, February 2013
                                                                                                                                                        • Four in ten would look for pool
                                                                                                                                                          • Women seek rental potential
                                                                                                                                                            • Heart of things
                                                                                                                                                              • Activity-focused buyers
                                                                                                                                                              • Appendix – Market Size and Forecast

                                                                                                                                                                  • Figure 50: Forecasts for domestic camping and caravanning holidays volume, 2012-17
                                                                                                                                                              • Appendix – Types of Overseas Holiday Taken

                                                                                                                                                                  • Figure 51: Most popular types of holiday taken overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 52: Next most popular types of holiday taken overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 53: Other types of holiday taken overseas, by demographics, February 2013
                                                                                                                                                              • Appendix – Holiday Property Ownership

                                                                                                                                                                  • Figure 54: Overseas holiday home abroad and future interest, by demographics, February 2013
                                                                                                                                                              • Appendix – Holiday Timeshare/Part Ownership

                                                                                                                                                                  • Figure 55: Overseas holiday timeshare or other part ownership scheme abroad and future interest, by demographics, February 2013
                                                                                                                                                              • Appendix – Holiday Property Aspirations

                                                                                                                                                                  • Figure 56: Overseas holiday property aspirations, by overseas holiday home ownership and future interest, February 2013
                                                                                                                                                                  • Figure 57: Overseas holiday property aspirations, by overseas holiday timeshare/part ownership and future interest, February 2013
                                                                                                                                                                  • Figure 58: Most popular overseas holiday property aspirations, by demographics, February 2013
                                                                                                                                                                  • Figure 59: Next most popular overseas holiday property aspirations, by demographics, February 2013
                                                                                                                                                              • Appendix – Holiday Property Attitudes

                                                                                                                                                                  • Figure 60: Attitudes towards buying holiday property overseas, by overseas holiday home ownership and future interest, February 2013
                                                                                                                                                                  • Figure 61: Attitudes towards buying holiday property overseas, by overseas holiday timeshare/part ownership and future interest, February 2013
                                                                                                                                                                  • Figure 62: Attitudes towards buying holiday property overseas, by most popular overseas holiday property aspirations, February 2013
                                                                                                                                                                  • Figure 63: Attitudes towards buying holiday property overseas, by next most popular overseas holiday property aspirations, February 2013
                                                                                                                                                                  • Figure 64: Most popular attitudes towards buying holiday property overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 65: Next most popular attitudes towards buying holiday property overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 66: Other attitudes towards buying holiday property overseas, by demographics, February 2013
                                                                                                                                                              • Appendix – Dream Holiday Property Locations

                                                                                                                                                                  • Figure 67: Preferred locations for buying holiday property overseas, by overseas holiday home ownership and future interest, February 2013
                                                                                                                                                                  • Figure 68: Preferred locations for buying holiday property overseas, by overseas holiday timeshare/part ownership and future interest, February 2013
                                                                                                                                                                  • Figure 69: Preferred locations for buying holiday property overseas, by most popular overseas holiday property aspirations, February 2013
                                                                                                                                                                  • Figure 70: Preferred locations for buying holiday property overseas, by most popular attitudes towards buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 71: Preferred locations for buying holiday property overseas, by next most popular overseas holiday property aspirations, February 2013
                                                                                                                                                                  • Figure 72: Preferred locations for buying holiday property overseas, by next most popular attitudes towards buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 73: Preferred locations for buying holiday property overseas, by other attitudes towards buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 74: Most popular preferred locations for buying holiday property overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 75: Next most popular preferred locations for buying holiday property overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 76: Other preferred locations for buying holiday property overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 77: Ranking of preferred locations for buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 78: Preferred first choice locations for buying holiday property overseas, by demographics, February 2013
                                                                                                                                                              • Appendix – Dream Holiday Property Requirements

                                                                                                                                                                  • Figure 79: Preferred requirements for buying holiday property overseas, by overseas holiday home ownership and future interest, February 2013
                                                                                                                                                                  • Figure 80: Preferred requirements for buying holiday property overseas, by overseas holiday timeshare/part ownership and future interest, February 2013
                                                                                                                                                                  • Figure 81: Preferred requirements for buying holiday property overseas, by most popular overseas holiday property aspirations, February 2013
                                                                                                                                                                  • Figure 82: Preferred requirements for buying holiday property overseas, by next most popular overseas holiday property aspirations, February 2013
                                                                                                                                                                  • Figure 83: Preferred requirements for buying holiday property overseas, by most popular attitudes towards buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 84: Preferred requirements for buying holiday property overseas, by next most popular attitudes towards buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 85: Preferred requirements for buying holiday property overseas, by other attitudes towards buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 86: Preferred requirements for buying holiday property overseas, by most popular preferred locations for buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 87: Preferred requirements for buying holiday property overseas, by next most popular preferred locations for buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 88: Preferred requirements for buying holiday property overseas, by other preferred locations for buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 89: Most popular preferred requirements for buying holiday property overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 90: Next most popular preferred requirements for buying holiday property overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 91: Further preferred requirements for buying holiday property overseas, by overseas holiday home ownership and future interest, February 2013
                                                                                                                                                                  • Figure 92: Further preferred requirements for buying holiday property overseas, by overseas holiday timeshare/part ownership and future interest, February 2013
                                                                                                                                                                  • Figure 93: Further preferred requirements for buying holiday property overseas, by most popular overseas holiday property aspirations, February 2013
                                                                                                                                                                  • Figure 94: Further preferred requirements for buying holiday property overseas, by next most popular overseas holiday property aspirations, February 2013
                                                                                                                                                                  • Figure 95: Further preferred requirements for buying holiday property overseas, by most popular attitudes towards buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 96: Further preferred requirements for buying holiday property overseas, by next most popular attitudes towards buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 97: Further preferred requirements for buying holiday property overseas, by other attitudes towards buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 98: Further preferred requirements for buying holiday property overseas, by most popular preferred locations for buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 99: Further preferred requirements for buying holiday property overseas, by next most popular preferred locations for buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 100: Further preferred requirements for buying holiday property overseas, by other preferred locations for buying holiday property overseas, February 2013
                                                                                                                                                                  • Figure 101: Most popular further preferred requirements for buying holiday property overseas, by demographics, February 2013
                                                                                                                                                                  • Figure 102: Next most popular further preferred requirements for buying holiday property overseas, by demographics, February 2013

                                                                                                                                                              Companies Covered

                                                                                                                                                              • Daily Mail and General Trust Group plc
                                                                                                                                                              • Financial Services Authority (The)
                                                                                                                                                              • HomeAway Inc
                                                                                                                                                              • Office of Fair Trading
                                                                                                                                                              • Rightmove Plc
                                                                                                                                                              • Trinity Mirror plc
                                                                                                                                                              • TripAdvisor LLC
                                                                                                                                                              • Wyndham Worldwide Corporation
                                                                                                                                                              • YouTube, Inc.

                                                                                                                                                              Holiday Property - UK - May 2013

                                                                                                                                                              £1,995.00 (Excl.Tax)