The location that best suits what you are seeking is the village of Lacock, in Wiltshire. It has many buildings from the 14th century, 15th century, and is almost entirely owned by the National Trust. It is not a "miniature village"(as you originally asked for), but it is mostly medieval. A few buildings are 16th and 17th century. It has been used as a movie set for the BBC series "Cranford" and also Harry Potter and "Pride and Prejudice". But it is not a renaissance festival! The docents of the buildings do dress in period costumes, but it is not a medieval fair. It is a well-preserved historic village.
For the medieval fair or Renaissance festival atmosphere you mentioned, visit Warwick Castle. Warwick is a medieval castle, not a replica, now operated by an entertainment group, and they have jousting, people wearing medieval costumes, and a festival atmosphere. Here is their website that will let you look around a bit more, check their events calendar, and purchase tickets to Warwick: http://www.warwick-castle.com/