Fancy a second home in Kensington and Chelsea? You’ll need deep pockets – properties here are worth a staggering £6 billion!

New research has revealed that London’s poshest neighbourhoods boast the most expensive second homes in the UK. Estate agent Benham and Reeves found Kensington and Chelsea’s second home market is worth a cool £6 billion, with Westminster trailing behind at a hefty £4.1 billion.

But if you’re looking for sheer quantity, head to Cornwall! This seaside paradise tops the charts with 9,425 second homes, dwarfing any other area in England and Wales.

Across the country, there are 141,245 second homes, worth an eye-watering £42.7 billion. Flats are the most popular choice, making up 42% of second homes, followed by detached houses at 24%.

London bucks the trend with a staggering 87% of second homes being flats.

While Cornwall may have the most second homes, it’s valued at a respectable £2.8 billion, putting it in third place after the London giants. Other areas with second home markets worth over £1 billion include Tower Hamlets (£1.3 billion), North Yorkshire (£1 billion), and South Hams (£1 billion).

Marc von Grundherr, bigwig at Benham and Reeves, said: “It’s clear that the second home market is a big deal. While some worry about empty homes in holiday hotspots like Cornwall, second homes bring much-needed investment to the UK property market.”

He added: “London is a prime example. Overseas buyers are snapping up properties, which boosts prices for everyone, especially when the market is sluggish. This investment means more homes are available, keeping rents in check and allowing people to live and work in the capital.”

So, while some areas might need protecting, ditching second homes entirely isn’t the answer. They play a crucial role in keeping the UK property market afloat.