The UK is crammed full of stunning places to call home, and the very best are often reserved for those with very large incomes. One of the most well-known of these is the Cotswolds, where many famous faces have a home, including American celebrities and the Beckhams.
Scattered across the stunning landscape are ancient, picturesque villages that draw in tourists from across the world. Some of which have become so popular with visitors that residents have complained of the toll they are purportedly taking on local resources, infrastructure and facilities.
The Cotswolds have long been an option for Londoners looking to relocated away from the hustle and bustle of the big smoke. However, new data has shown that this phenomenon has become less prevalent of late. People from the capital made up only 9% of those looking to buy a property in the region in 2024, down from a zenith of 14% in 2021, according to analysis by Hamptons Estate Agents.
The reason for this is that individuals are being priced out, The Telegraph reports, as average prices have increased by more than half (56%) since 2014.
This is twice the growth recorded in London – 28% – over the last 10 years.
“Londoners haven’t had the housing market on their side for the best part of a decade,” said David Fell, of Hamptons.
He added that the gap between prices in the UK’s largest city and more or less everywhere else, which peaked around 2016, has been closing.
Today, it is around £80,000, the expert added, meaning the average Londoner gets less for their money or chooses to move elsewhere.
In addition, overall demand has slumped to an extent as people have returned to pre-pandemic norms.
Paul Houghton-Brown of Hamptons has observed that workers need to be back in the office more, and they therefore have less time to spend in a second home.
This market has therefore “dropped away”.
Amelia Craven, of RA Bennett, said: “There was an influx of London buyers during Covid who were flush with cash. Larger family homes skyrocketed in price because stock levels were low.”
Rightmove says that house prices in Cotswolds have an overall average of £449,785 over the last year.
The firm adds that the majority of properties sold in Cotswolds during the last year were detached properties, selling for an average price of £677,438.
Semi-detached properties sold for an average of £389,468, with terraced properties fetching £366,139.
Overall, the property site says, the historical sold prices in Cotswolds over the last year were 2% down on the previous year and similar to the 2022 peak of £449,080.
