Living in a market town will cost homebuyers an additional £30,000
By Bea Patel on 28 Dec 2017 in Industry News
Homebuyers looking to live in one of England’s picturesque market towns will need to pay a premium of £30,788 compared to neighbouring areas.
The latest research from Lloyds Bank shows an average house price growth of 21 per cent in the past five years, to £280,690 in English market towns. This is 7.9 times the average gross earnings of all full-time workers across England.
Market town v’s county
House prices in market towns across England are on average 12 per cent higher (£30,788 more) than their county average. When compared to the rest of their county, market towns cost 67 per cent more. Since 2015, house prices in these areas have grown by £6,850.
Most expensive market town
Beaconsfield is the most expensive market town – the first where average house prices cost over £1m. The average house price in Beaconsfield is £1,049,659.
Within the top 10 most expensive market towns
South East England dominates the top 10 most expensive market towns with Beaconsfield being the most expensive.
Henley on Thames, with an average house price of £831,452, and Alfresford in Hampshire with an average house price of £541,529 are the next most expensive market towns.
New towns in the South East to break the top 10 most expensive are Thame, with an average house price of £476,365, Hertford at £452,843 and Saffron Walden at £441,583.
Outside southern England, Altrincham is the most expensive market town with an average property value of £431,295.
The horse racing market town of Wetherby has the second highest premium, with average house prices at £366,873. This is more than double the average house price in West Yorkshire at £175,056.
More affordable market towns are in the north
For homebuyers looking for more affordable market town living, you can find a bargain in northern England.
Durham is home to the two least expensive market towns. The average property value in Ferryhill is £78,184 and in Crook, it’s £115,659.
Immingham in Lincolnshire follows, with an average house price of £115,769. Next follows more Durham towns – Stanhope, with an average value of £142,535 and Saltburn at £144,717.