London dubbed England’s ‘second home capital’

Secondary property purchases accounted for 29% of all property sales in London last year compared to 23% in the rest of England, an analysis has found. According to data collated by Octane Capital on property purchases in the last financial year, second property purchases accounted for 50% of sales in some London boroughs. The most active additional home market in London was Kensington and Chelsea where 1,200 additional home purchases equated to 52% of all market activity in the borough. The boroughs with the lowest percentage of additional homes were Waltham Forest, Lewisham, and Bexley, in all of which they account for 21% of market activity.