Look across the Water, the Barriers to Buying a 2nd Home in the UK

Look across the Water, the Barriers to Buying a 2nd Home in the UK


Unless you’ve been living under a rock or in a chateau in the depths of the French countryside you will know that anyone purchasing a second home in the UK will now have to pay a 3% surcharge on top of the normal stamp duty rate. Although it is generally assumed that this is an increase in tax for landlords, it also impacts anyone wishing to purchase a holiday home (as a second property). There are a small number of exceptions to the stamp duty surcharge and these include houseboats, caravans, and mobile homes. Although a 3% surcharge may not seem too dramatic, what does this mean in numbers?

If you were looking to purchase a second property worth £300,000, the stamp duty would increase from £5,000 to £14,000. If a houseboat isn’t up your street nor is paying a huge amount in stamp duty what are your options?

You’ll find the answer relaxing in sunnier climates, as you can avoid the UK second home stamp duty tax by buying a property in France. This second home could be a holiday home for you and your family, a home to eventually move into, or a business that you can rent out and enjoy yourself throughout the year. With average home prices in the UK reaching £280,000 this maybe the money you would need to cover the surcharge could be better spent elsewhere.

As the second home stamp duty sinks in there have been more revelations in areas such as Cornwall, where new build holiday or weekend homes have been opposed by locals. They believe that these wealthy weekenders are pricing locals out of the town. Their aim is to ban anyone purchase a second home in their area and their latest win could pave the way for other seaside villages and towns across Britain to do the same. Although this subject is quite controversial it does add weight to the benefits of owning a second home abroad. If the climate, culture, and cuisine aren’t already enough avoiding stamp duty surely is the cherry on the top!

Have you realised the potential of a second home in France? We explained earlier that your home in France could be used in a number of ways but what will best serve your requirements? There are several questions to ask yourself. Are you considering retiring to France one day? Or are you looking for a holiday home for yourself? Our team have experience in how to find the perfect French home for you; we cover all aspects of your home’s purchase including assistance with viewings, mortgages, and french insurance. As well as being experts in French property we have all lived or are currently living in France, our passion for property is complemented by our love of all things French.

Whilst you decide how to spend the money you are saving on stamp duty there are a few more things to consider but don’t worry this is the fun part! France is filled with regions, departments and coastlines that are waiting for you to discover! Through our guides, blogs and teams knowledge we offer and insight into French property like no other. House hunting in France allows you to choose between a chateau or countryside retreat, in a bustling city or near to the beach on the French Riviera, newly refurbished or in need of renovating, the opportunities are truly endless.

Please contact Patrick and the team at my-french-house.com to release the potential of your second home purchase and enjoy the sound, smells, and savings that France has to offer.