Living in a market town in England costs over £30,000 more than surrounding area

Living in a market town in England costs over £30,000 more than surrounding area
24/10/2017 , by , in INTERNATIONAL

Market towns in England are popular places to live but doing so comes with an extra £30,788 price tag compared to neighbouring areas, new research shows. Beaconsfield is the most expensive, with an average house price of £1,049,659 and is the first market town with house prices over the million pound mark, according to the report from Lloyds Bank.

The research also shows that prices in English market towns have grown, on average, by 21% in the past five years to an average price of £280,690, some 7.9 times the average gross earnings of all full time workers across England. House prices in market towns across England are 12% higher than their county average and homes in 67% of market towns cost more when compared to the rest of their county. Since 2015, house prices in these areas have grown by £6,850.

South East England dominates the top 10 most expensive market towns with Henley on Thames the second most expensive with an average price of £831,452 followed by Alresford in Hampshire at £541,529. Outside southern England, Altrincham in Cheshire is the most expensive market town with an average property value of £431,295.

Beaconsfield, close to the Chiltern Hills and within a 40 minute commute to London, also carries the largest house price premium with homes costing 161% or £647,623 above the county average of £402,036. The horse racing market town of Wetherby has the second highest premium with an average house price that is more than double, 110%, the average house price in West Yorkshire at £366,873 against £175,056.

For buyers looking for more affordable market town living, bargains can be found in northern England. Ferryhill with an average property value of £78,184 and Crook at £115,659, both in Durham, are the least expensive market towns. Immingham in Lincolnshire follows with an average house price of £115,769 with further Durham towns of Stanhope at £142,535 and Saltburn at £144,717.

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