The Gloucestershire town of Cheltenham is well-known for its horse racing event, its cultural festivals, and its status as a spa town. It’s a great place to live or invest in property and has some good connections to other places in the Cotswolds and southwest, as well as the rest of the country. While you can expect property prices to be more expensive than some other nearby options, it’s worth it for the lifestyle that you can enjoy in the town.
Before deciding whether to invest in property in Cheltenham, take a look at the average prices and the different things that draw buyers in.
Property Prices in Cheltenham
The average property price in Cheltenham over the last year (2019/2020) was £341,604. Most properties sold were semi-detached houses, which fetched an average of £327,467, while terraced houses sold for an average price of £290,428. For those looking for something slightly more affordable, flats sold for an average of £203,698. Property prices in the area have remained stable compared to the previous year, but there has been a 6% increase in 2017 prices.
If you’re looking for a flat to get on the housing ladder or perhaps as a buy to let, most start at around £100,000. There are cheaper properties available if you’re looking for a retirement apartment, or you’re prepared to consider shared ownership. When it comes to houses, most two-bed terraces start at around the £175,000 mark, and you can expect to pay at least £190,000 to £200,000 for a semi-detached property. You won’t find a detached home for less than £250,000, but you can find a great range of both modern and older options. As for anyone looking at the luxury market, you could spend £3 million on a house with anywhere between five and eight bedrooms, or perhaps a luxury apartment for a third of the price.
Where to Buy a Property in Cheltenham
It’s a good idea to get to know the different parts of Cheltenham before buying a property in the city. Here are some of the areas that you might want to consider during your property search.
If you want to buy near the town centre, you can get a beautiful period property, but you need to be willing to pay. Montpellier is one of the best options for premium property and, together with Pitville on the other side of town, is an affluent neighbourhood with Regency-style properties.
The residential area of St Mark’s has a diverse range of property and is popular with families. You can find detached, semi-detached, and terraced houses in the area. St Peter’s is another option with plenty of property up for grabs.
The suburb of Up Hatherly to the south has seen a lot of housing redevelopment and offers a variety of affordable homes. It has a village feel but is fairly close to the town centre.
If you don’t want to live in Cheltenham proper, there are also various villages surrounding the town that might appeal. These include Prestbury and Swindon Village, located to the north.
How to get a mortgage in Cheltenham
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Things to Do in Cheltenham
Cheltenham is a spa town, which is great for anyone who enjoys health and wellness, as well as for anyone interested in history. There’s plenty of culture to enjoy in the town too, both when the various festivals are taking place (including the Cheltenham Literary Festival, Jazz Festival, and Science Festival) and during the rest of the year. For sports, there is, of course, the famous Cheltenham Racecourse, and there’s also the Cheltenham Cricket Festival. There’s plenty of choice for food and drink, whether you want a Michelin-starred restaurant or a tearoom, plus lots of independent shops mixed with big retailers.
Cheltenham is a great area for schools, with plenty of options rated Outstanding by Ofsted. Belmont School is one example of an Outstanding secondary school, which also has primary education. Pate’s Grammar School is another excellent option for secondary schools.
Travel Connections in Cheltenham
Cheltenham Spa train station connects the town to nearby towns and cities, including Gloucester, Bristol, and Bath. Direct trains to Birmingham and London are also available. If you’re driving, the M5 will take you to Birmingham or Bristol, or you can reach London via the A436/A40 and then the M40. For local travel, Cheltenham is easy to walk or cycle around, and there are some well-serviced bus routes for travelling in and around the town.