9th October 2015
People living in market towns pay a premium of £24,000 for their property.
Research by Lloyds Bank shows that houses in market towns continue to command a premium over those in neighbouring areas and homebuyers have to part with nearly £24,000 more to live in an English market town.
The average property in a market town in England is £250,686, or 7.2 times the average gross earnings of all full-time workers.
For one in 10 market town properties, buyers will have to shell out a premium of over £100,000.
Beaconsfield in South Buckinghamshire has the largest premium, trading at 189% – or £652,178 – above the county average thanks to its location close to the Chiltern Hills.
Bakewell in the Derbyshire Dales – close to the famous Chatsworth House, and Wetherby in West Yorkshire, both have an average house price that is double (100%) their county average; at £175,327 and £162,995 respectively.
House prices in market towns have risen by an average of £460 per month in the past decade.
Andy Mason, mortgages director at Lloyds Bank, said: ‘Homes in market towns typically command a significant premium over their neighbouring towns. The quality of life benefits often association with living in such locations are still proving popular among homebuyers.
‘Market towns are often particularly attractive for those looking to move into more idyllic surroundings without sacrificing many of the important amenities they currently enjoy.’