Exmouth sees drop in second home sales

“The number of second homes in Exmouth has fallen by almost three per cent since 2015. But, the town still has the second highest number in East Devon.

An FOI request, submitted by the Journal, revealed that on average, for every 38 properties in the town, there was one second home.

The statistics revealed there were 16,987 households in Exmouth and of these 422 were second homes, meaning they made up around 2.6 per cent of the total number of properties.

Over the last three years, the number of second homes across the district has slowly been decreasing. Across East Devon there are 69,333 households, with 2,339 being used as second homes. This has fallen by 2.8 per cent since 2015.

In Exmouth, the drop was slightly more, with a three per cent decrease from 459 to 442. Estate agents have suggested this is down to the increase on stamp duty when purchasing a second house. Mike Dibble, a director Bradleys Estate Agents, said anybody who bought a second home now paid an extra three per cent in stamp duty. He added: “For example, if you are a first-time buyer and purchase a home for £250,000, the stamp duty would be £2,500.
“But, if you are buying a second home or a buy-to-let then you would pay an extra £7,500, paying a total of £10,000 in stamp duty”.

Mr Dibble added the estate agents sold ‘nowhere near’ as many second homes as they used to.

The town with the most second homes was Sidmouth, which by April of this year, had a total of 471. The town has half the number of households compared to Exmouth and statistically, of Sidmouth’s 7,885 properties, six per cent are second homes.

The third highest was Seaton where around 5.4 per cent of the total number of properties are second homes – for every 19 properties in Seaton there is around one second home.

An East Devon District Council spokeswoman said: “There are a large number of second homes in East Devon for which the owners pay council tax in the same way as do all other home owners in the district.”

Journal 14 December 2017

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