Knight Frank has just released its 2011 New Build Second Homes report, showing that staycations and a new way of holidaying pushed second home ownership in the South West to a new record high last year, despite the slide in transactions in the wider housing market.

The company reports that second home ownership in England was at the second highest level on record in 2010, despite slipping slightly from 2009 levels – a fall led by the decrease in second homes in London. Meanwhile, second home ownership in the South West hit a record high in 2010.

Gráinne Gilmore, head of UK residential research at Knight Frank, says: “The staycation trend seen in recent years looks set to continue as the weak pound makes the option of holidaying abroad or buying a home overseas seem less attractive. Instead, buyers are choosing a second home in the UK. The possibility of letting out the property when they are not staying also means that it becomes an investment as well as a luxury.

“As more families choose to stay in the UK rather than jetting overseas, there is an increasing focus of ‘generational’ family holidays, with grandparents joining their children and grandchildren on holiday.”