Thinking of escaping to the coast or countryside for good? It’s no secret that living in a popular holiday spot can be pricey, but new research reveals just how much extra you might have to shell out for your slice of paradise.

A new study by Regency Living looked at 10 of the UK’s favourite holiday destinations, comparing the average house prices there with the surrounding regions. They found that in-demand locations are attracting a hefty “holiday hotspot” premium.

So, how much extra are we talking?

On average, a home in one of these sought-after spots will set you back a whopping £284,042! But that’s not all. The competition is fierce, with 40% of homes in these areas already snapped up.

Here are some of the most expensive hotspots:

• The Cotswolds: Get ready to splash the cash! Homes here cost a staggering 56% more than the regional average, with an average price tag of £496,768. Ouch!
• The Yorkshire Dales: You’ll pay a premium of 40% compared to surrounding areas.
• Dorset: Be prepared to pay 9% more than the average in the South West.

It’s not all doom and gloom though!

Some holiday havens offer better value for money.

• Isle of Wight: Bag yourself a bargain! Homes here are a whopping 28% cheaper than the regional average, costing around £269,292.
• The Lake District: Enjoy stunning scenery for less, with prices 10% lower than the rest of the North West.

Cornwall, Snowdonia and the Peak District also offer lower prices compared to their surrounding areas.

What’s driving these price differences?

Regency Living says it’s all about supply and demand. The Cotswolds, for example, has the highest buyer demand of all the hotspots, with nearly half (46%) of homes already sold.

But there’s a silver lining…

If you’re set on a particular location, there might be more affordable ways to get your foot in the door. Consider a residential park home – in the Cotswolds, these are 61% cheaper than traditional houses!

So, whether you’re dreaming of coastal walks or country pubs, remember to factor in the potential “holiday hotspot” premium. Happy house hunting!