If buying property, you may be swayed by the lure of an attractive market town; however, such buyers will need to pay extra to bag themselves a property.
Extra expense of market towns
Research by Lloyds Bank has revealed that sought-after properties in a picturesque English market town require a premium of £41,633. The study also revealed the country’s most expensive market towns – places where house prices have risen by nearly one-quarter in the past decade. Sky News has also examined market town house prices.
House prices in market towns are typically growing by 23 per cent. This equates to an average of £290,775, which is almost eight times greater than full-time workers’ average gross earnings across the UK.
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The study found that Beaconsfield is the most pricey market town to inhabit. Beaconsfield homes cost 158 per cent more than the average for Buckinghamshire, with £1,053,975 being typical for a home. The high cost is due to Beaconsfield being in the London commuter belt; in addition, price hikes in home county market towns have been the largest for a decade.
Amongst the ten most expensive market towns – in Buckinghamshire, Oxfordshire, Hampshire, Hertfordshire, Kent, Bedfordshire and Essex – prices have risen since 2008 on average by 60 per cent when compared with the average growth for market towns of 23 per cent.
Henley on Thames in Oxfordshire comes after Beaconsfield, with £838,206 being the average house price. After this is Alresford (Hampshire), with an average of £542,614.
Other top 10 most expensive market town locations include Cranbrook, Thame, Petersfield and Lewes, which are all in the South East.
Affordable market towns
The survey also revealed the UK’s market towns that were the most affordable. Ferryhill in Durham was labelled the least expensive market town, with an average house price of £78,317. Following this is Lincolnshire’s Immingham, with average prices of £115,765.
The mortgages product director at Lloyds Bank, Andrew Mason, commented that buyers prize the quality of life market towns offer. He said that homebuyers are attracted to towns in London’s commuter belt and are willing to pay more to live there.
The UK’s most affordable market towns are to be found in Yorkshire, Lincolnshire and the North.