The leader of Cotswold District Council has called for more affordable housing as average house prices in the area reach £411,000, 14 times the local average annual salary. Councillor Joe Harris, a Liberal Democrat, expressed frustration that many young people are being forced to leave due to unaffordable housing.
Estate agents report that London buyers are still driving up prices, with around 50% of purchases being cash transactions. Sarah Benson of Perry Bishop said, 'We've still got London buyers moving out to the Cotswolds.' This trend is exacerbating the affordability crisis for local first-time buyers.
Councillor Harris highlighted a development in Kempsford where 27 homes are being built for social rent at 50% of market rates. He called for a return to large-scale state-backed housebuilding, noting that the last time the government met its housing targets was in the 1950s and 1960s.
In nearby Swindon, where average house prices are £250,000 (seven times local earnings), buyers are making significant sacrifices to get on the property ladder. Matt Evans sold his car to boost his deposit, while estate agent Ben Hicks noted that people are selling items on eBay and Facebook Marketplace to raise funds.
Rising mortgage rates are also causing distress. Fiona Cope of Citizens Advice in North Somerset reported a marked increase in mortgage repossessions over the past year, with some facing payment rises of £300 to £1,000 per month.
