There are some 141,245 second homes in England and Wales, new figures show. 

Flats are the most common type of second home, accounting for 42 per cent, followed by Detached houses (23 per cent) and terraced homes (21 per cent): semis accounts for just 13 per cent. 

But while flats may be the most common, it’s detached homes that hold the greatest market value. The average price of a detached home across England and Wales currently stands at £478,744, meaning the total market value of detached second homes comes in at £15.9 billion. 

Second home flats are estimated to be worth £14.9 billion in the current market, with terraced homes and semi-detached properties worth £7.3 and £5.5 billion respectively.

In total, the second home property market is currently worth £43.5 billion. 

Cornwall ranks as the nation’s second home hotspot by quite some margin with 9,425 second homes; Kensington and Chelsea is second with 5,355; Westminster comes third with 4,390, followed by North Yorkshire (4,190) and Gwynedd (3,475).

The research was conducted by property website GetAgent and you can see the full breakdown by property type and local authority area here.