With summer in full swing, Regency Living analysed current buyer demand levels across 10 of the nation’s best-loved holiday hotspots, the average cost of purchasing a home and how this cost compares to the wider region.
The research shows that, on average, purchasing a property within a popular holiday hotspot sets you back £284,042. What’s more, 40% of all stock listed for sale across these popular locations in the current market has already found a buyer.
However, depending on where you look, this cost can be far higher. Across the Cotswolds in the South West, the average house price currently stands at £496,768, a premium of 56% when compared to the average cost of a home in the wider region.
The driving factor behind this high house price premium is the demand and supply imbalance, with the analysis by Regency Living revealing that 46% of all homes listed for sale across the Cotswolds have already found a buyer - the highest buyer demand levels of all holiday hotspots analysed.
The Yorkshire Dales is home to a house price premium of 40% when compared to the wider average cost of a home in regions it covers, whilst a property purchase in Dorset will see you pay 9% more than the average cost of purchasing in the South West. At 43%, Dorset is also home to the second-highest level of buyer demand of all the holiday hotspots analysed by Regency Living.
Homebuyers looking to the Scottish Highlands (+6%) and Devon (+3%) can also expect to fork out more versus the wider regional averages, with both of these locations also home to considerably high levels of buyer demand at 44% and 38% respectively.
But it might surprise you to learn that some holiday hotspots actually offer better bang for your buck.
Nowhere more so than the Isle of Wight, where the average house price of £269,292 comes in 28% below the wider Southeast average, this more measured housing market is due to a more balanced market, with current buyer demand sitting at just 30%, the second lowest level of all areas analysed.
The Lake District is also home to a high level of regional affordability, with the average property costing 10% less than the wider regional average in the North West.
Cornwall (-6%), Snowdonia (-5%) and the Peak District also boast lower property prices versus the wider regions in which they are found.
A Regency Living spokesperson commented: “We’re incredibly lucky to have a wealth of outstanding holiday hotspots across Britain and whilst many of us may visit them temporarily, there’s a great deal of us that are also lucky enough to call them home, and a great deal more who make their move to such locations in later life.
"This is largely down to the lifestyle benefits they offer, with a slower pace of life, tight-knit communities and the health benefits of living in beautiful coastal or rural locations.
"Of course, high demand does mean that many of these areas command a hefty house price premium, but this isn’t always necessarily the case. For example, the average cost of a home on the Isle of Wight is considerably lower than the wider regional average.
"However, if island life isn’t for you, there is an alternative way of getting an affordable foot on the ladder in a holiday hotspot. For example, the average price of a residential park home in the Cotswolds is 61% more affordable than the cost of the average bricks and mortar home, meaning you can reap all the benefits of living there, without the financial burden of a sizable mortgage.”
