Homebuyers looking to buy a home in one of England’s popular market towns face an average premium of 12% or £33k, according to research from Lloyds Bank.
While research shows that the premium has decreased by 3% (£6,311) in the last 12 months, some market town hotspots continue to command nearly double that of the county average house price.
House hunters looking to buy a place in Beaconsfield, Buckinghamshire, can expect to pay a premium of 162% (£679,577) more than the rest of the county and homes continue to have a price tag exceeding £1m on average.
Alongside Beaconsfield, the South East has two other entrants in the top 10 market towns with the highest property premiums – Henley-on-Thames in second place at 97% (£399,203) and Alresford at 69% (£231,067) in 9th place. The North West (Keswick at 90% (£172,020) and Altrincham at 83% (£218,508) and East Midlands (Bakewell at 96% (£198,279) and Southwell at 75% (£147,397) both appear twice in the top 10, and Yorkshire, the East of England and the South West once each (Wetherby at 86% (£160,625), Stamford at 83% (£172,785) and Marlborough at 62% (£180,551).
Andrew Mason, Mortgage Director, Lloyds Bank, said: “Market towns have a long-standing reputation for being packed with typical English charm – with cobbled streets, bustling market stalls and historic buildings all contributing to the appeal for many people looking to set up home.
“This popular lifestyle undoubtedly comes with a property premium – as much as double the county average in some hotspots – so those considering making a market town their home should consider how it compares with the relative value for money that alternative areas have to offer.”
Most expensive market towns
The top 10 most expensive market towns are all in the South East [table 2], with the exception of Altrincham in Greater Manchester, which as well as having the 7th highest premium (83%), is also the 10th most expensive market town in which to live (£480,718).
The cheapest market town is Ferryhill [table 3], where the average property price is £91,153. The least expensive market towns are all in regions within the North of England, with the exception of Tickhill, Derbyshire in the East Midlands.
Highest house price increases
Hungerford, Berkshire in the South East of England, has seen the greatest increase in price in the last 12 months of 21% [table 4], with homes costing upwards of £500k on average. The coastal market town of Sheringham in East Anglia, as well as Skipton in Yorkshire have seen the next greatest increases in property values at 14% in the last year up from £276,466 and £242,674 respectively to £315,996 and £276,608.