Cheltenham is often celebrated for its Regency architecture and idyllic Cotswolds countryside, but there’s been a significant transformation in its property market in recent years. For local business owners, this evolution could influence everything from strategic expansion to operational costs. Understanding how Cheltenham’s property market has changed – and where it’s headed – can provide insight for any business looking to thrive in this dynamic town.
A brief history
Cheltenham’s charm runs deep, with its property market reflecting the unique blend of tradition and innovation. Known historically as a spa town, Cheltenham first became fashionable in the 18th and 19th centuries, attracting affluent visitors who left behind the famous Georgian and Regency architecture.
In the 20th century, the town evolved into a cultural hub and hosted internationally renowned festivals, including the Cheltenham Literature Festival and Cheltenham Festival of Racing. The influx of visitors meant growth in both the residential and commercial property markets.
In recent decades, the property market has been shaped by a growing population, increasing interest from London-based buyers seeking a countryside home, and several significant technology and finance businesses settling in the area. Now Cheltenham is one of the most sought-after locations in Gloucestershire.
Rising demand for commercial property
Local business owners should note the following trends:
- Small office spaces are in demand. The rise of remote and hybrid working has led to many businesses opting for smaller, flexible office spaces. Co-working hubs are also quite popular as a cost-effective solution for startups and small enterprises.
- Retail units are evolving. High streets nationwide have faced challenges from e-commerce, and Cheltenham is no exception, but experience-driven retail spaces can attract foot traffic.
- Industrial property growth. The town’s location near major transport links has spurred interest in industrial and logistics properties, particularly for e-commerce and manufacturing businesses.
Navigating Cheltenham’s property market
Local businesses looking to succeed in the evolving property landscape can:
- Research before leaping. Whether buying, leasing, or developing property, thorough research can provide insights on foot traffic, accessibility, and proximity to competitors.
- Think long-term. It can be tempting to focus on immediate needs, but it’s best for a business if their property choices align with their long-term needs. Investing in a larger space might be costly, but it could save the trouble of relocating after business growth.
- Leverage professional advice. Solicitors in Cheltenham can offer expertise on property law – saving time, money, and stress. These professionals can help with everything from renewing contracts to ensuring compliance with local regulations.
Residential property trends that impact businesses
The residential property market directly impacts businesses through:
- Influx of professionals. Cheltenham’s high quality of life and excellent schools attract many professionals and families.
- Rising house prices. House prices have been climbing, outpacing the national average in some cases. This may present challenges for businesses needing affordable housing for employees.
Last word
Cheltenham’s property market has come a long way since its spa town origins, becoming a popular, vibrant, and dynamic hub for residents and businesses. For local business owners, careful planning, informed decisions, and the support of experts in Cheltenham can help navigate the market and pave the way for success.
