According to Nationwide Building Society, 10% of those questioned own a second property in the UK, and a further 14% would consider buying a second property in the UK.

The most popular reason for owning a second property was for buy-to-let purposes (55%). Almost one third (32%) of people purchase their second home for personal use, and 7% let out their second property as a holiday home.

Two thirds (66%) of those without a second property claimed a lack of finances would prevent them from purchasing a second home.

The most popular place to purchase a second home is in the South East of England (17%), followed by the South West (14%).

Nationwide senior economist, Martin Gahbauer, said: “Purchasers of second homes - be they for personal use or to let out - are an important source of housing demand and have probably helped push up prices in many areas of the country. However, current market conditions may have an impact on this part of the housing market.

“While second home buyers will often be able to draw on large house price gains from the past decade, this advantage is not available to local first time buyers, who face challenges in their attempts to get on the housing ladder. One must not forget, however, that second home buyers also make important contributions to the local economy through their support of local businesses.”