Is it a buyers’ market? What’s going on with second homes & holiday lets?

We’re looking, but we don’t see any sign of it changing anytime soon here at Flint Homes HQ…

It is a buyer’s market.

If you are SSTC, or a cash buyer, 100% now is the time to seize the day & buy the home you want, at a great price (even if you can’t see it on Rightmove… you just need to know where to look…).

And if you aren’t sold & are motivated to move… now is the time to have an estate agent who really understands the current market & is able to price right & work hard to sell your property.

Quite apparently it’s a flat market. Houses with certain agents are definitely struggling to sell. Some of those estate agents are grumbling (a few might even be panicking!). And vendors are having to re-evaluate their house values, to bring them into line with what the true market value is. It is undeniable here in parts of Norfolk – property prices are no longer rising with force & certainty & in some particular spots are falling, quite significantly. Rightmove is awash with a sea of reduced properties, particularly holiday lets.

What are the forces driving the change to the holiday home market?

From April 2025, the FHL tax rules — previously offering generous benefits — are being eliminated. This change is expected to make many holiday lets far less profitable. For a landlord turning £30,000 in rent, the additional tax could be around £4,000 per year under the new rules. Ouch.

From 1 April 2025, North Norfolk District Council imposed a 100% premium on second homes, effectively doubling the council tax bill unless the property qualifies under business rates.

Multiple Dwellings Relief, which previously reduced Stamp Duty costs for second home purchases, was abolished as of June 2024. This removal makes acquiring or restructuring holiday home portfolios significantly more expensive.

And Norfolk’s increasing popularity as a holiday destination has fuelled discussions around additional levies. Indeed, it is rumoured North Norfolk Council has considered introducing a £1 “tourist tax” per Airbnb booking, aiming to recoup costs from visitors & ease housing pressures. We will see…

Certainly, many holiday home owners are performing cost-benefit analyses & some are choosing to cut their loses, cash in their chips & sell, or switch to long-term letting (which is buoyant), or convert properties entirely. It’s a changing landscape for sure.

And, inevitably, there has been a a notable uptick in sales listings for holiday homes, even in the red hot spots on the coast.

There has also been a rise in enquiries for a different holiday home lifestyle choices, such as holiday home parks – which often remain exempt from Stamp Duty & council tax premiums. This offers a tax-friendly alternative for canny buyers. Mmmm…. interesting.

The majority of our clients right now are looking for a permanent home.

But some are still interested in the lucrative holiday let market – & the current sell-off is presenting a plethora of quality options, from highly motivated sellers… making this a great time to buy that will surely be a good long-term investment, for those prepared to ride out this tricky adjustment period, with the current government’s zeal for certain demographics…

Regardless of choice of home – family, independent, retirement, relocation, investment, holiday or other – our Flint Homes buyers (with budgets ranging from £500K to multi-millions) are finding what they want to buy with us quickly and efficiently.

Why?

Because they have us! We have our finger on the pulse of the region’s property market. And, collaborating with the most proactive of agents & other contacts in the area (with the best properties), we work tirelessly, around the clock (even on our annual break to the South of France), to search for, negotiate on & secure their dream purchase.

Having found them what they want – on or off market – & secured them it at a brilliant, well below asking price deal, we now have multiple purchases going through conveyances. And the hard work continues to keep the purchase on track & the dream alive.

The good news is the conveyances are happening quickly, thanks to a low volume of transactions – so the local searches are coming back fast (days, not weeks) & the solicitors/estate agents are less snowed under, so are offering a slick after sales/legal service. All good news.

Of course there are setbacks. It’s the UK property scene! Chains collapse. Funding is a shifting sands process. People get jittery. Some are even pretty flaky, or even a bit nuts. And of course there are times 9-5 professionals need a poke to get things done. It’s all part of the process…

But those who chose to use Flint Homes do not need to worry. We are well used to this & we know how to navigate our clients through it successfully, calmly & positively.

They say buying a house is stressful.

We don’t think it has to be.

It should be fun… you just need the right support…