The research from Nationwide found that ten per cent of all those questioned owned a second property in the UK and a further 14 per cent would consider buying a second property here.
The most popular reason for owning a second property was for buy to let purposes (55 per cent). Almost one third (32 per cent) of people purchased their second home for personal use and 7 per cent let out their second property as a holiday home.
Respondents were also asked what the important factors were when deciding on which area to buy a second property in. Almost half felt that the prospect of good letting opportunities, was a key factor, closely followed by the prospect of strong house price growth in the area. Almost one third said that being near shops and entertainment would be something that they would look for when buying a second property.
Proximity to relatives, a coastal location and a picturesque area were also high on the list of requirements for property number two. Lack of finances is the biggest preventative when it comes to splashing out on a second home.
The most popular place to purchase a second home is in the South East of England in locations such as Hampshire or Kent. This was closely followed by the South West, including places like Cornwall and Devon.
Those living in the North West (75 per cent) were the most likely to own a second home for personal use, whilst residents of London (56 per cent) were more likely to have a second property to let out;
Those from Northern Ireland who would not consider buying a UK second property were most likely to want to purchase a second property outside the UK (24 per cent), whereas the Welsh (5 per cent) were least likely to consider doing this;
A peaceful location was most likely to influence the purchasing decision of possible buyers living in the North East (100 per cent), while those living in Scotland (30 per cent) were least likely to be concerned about this.
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."
