Hotels team director Peter Brunt said hospitality businesses were underpinned by residential values locally. He said:“Judging by the record numbers of £1m-plus home sales in Cheltenham and the Cotswolds there is no end in sight for what is one of the most strongly performing hospitality sectors in the country.”
Cheltenham saw a bigger proportional increase in sales of homes in the £1m-plus bracket than London, according to latest Land Registry data, with sales up 96% and no fewer than 45 homes sold.
Brunt continued: “The 8.1% increase in house prices has an immediate knock on effect on the Bed and Breakfast market in particular, where value is underpinned by the residential value.Rising house prices mean rising wealth. This means there are lots of people with the money to spend on eating out and this impacts on values.”
He added: “We’re witnessing strong interest in properties currently on the market with aggressive competitive bidding being seen on a number of properties and we currently have a further five sales agreed or in solicitors’ hands.
“As trading for pubs in the region continues to be strong the number changing hands in the over £1m price bracket has grown, with some exceptional units even breaking the £2m barrier.”
The hotels team at Colliers International was involved in brokering nine sales in the last year including Number Four at Stow, The Puesdown Inn, Stanton Manor, The Highway in Burford as well as a clutch of confidential sales.