Buying a home in a popular market town costs nearly £42,000 more than buying one else where in the same county, says Halifax
- With typical price tag of more than £1m, homes in Beaconsfield are most expensive in Halifax survey
- At other end of scale average home in Ferryhill, County Durham costs £78,317
- Average house price in market town in England is £290,775 – £54,908 higher than 2013
Home buyers wanting to move to one of England’s sought-after market towns face a typical premium of nearly £42,000, according to a new report.
House prices in market towns are £41,633 or 17 per cent higher on average than they are in the surrounding county, Halifax found.
With a typical price tag of more than £1million, homes in Beaconsfield in Buckinghamshire, with the countryside of the Chilterns on its doorstep and London also close by, are the most expensive of all the market towns looked at.
Market appeal: Home buyers wanting to move to one of England’s market towns face a typical premium of more than £41,000, according to a new report
Homes in Beaconsfield also carry the biggest premium – costing 158 per cent or £644,995 above the county average of £408,980.
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Buyers looking for the vibrancy of a market town with a less hefty price tag may want to consider Ferryhill in County Durham, where the average home costs £78,317 – the least expensive in the study.
Most expensive market towns for home buyers (average house price)
1. Beaconsfield £1,053,975
2. Henley-on-Thames £838,206
3. Alresford £542,614
4. Cranbrook £492,333
5. Petersfield £483,222
6. Thame £477,664
7. Lewes £460,671
8. Hertford £449,963
9. Saffron Walden £441,709
10. Marlborough £441,296
Such is the appeal of market towns that, over the past five years, house prices in these areas have increased by an average of £915 per month, Halifax said.
The average house price in a market town in England is £290,775 – £54,908 higher than in 2013 when it was £235,867.
Andrew Mason, mortgages product director at Lloyds Bank, said: ‘With house prices rising by almost £1,000 a month in the most popular market towns over the past five years, the value put on quality of life and curbside appeal is clear.
‘Home buyers continue to be attracted to towns on the commuter belt into London and are prepared to pay extra to live there.
Least expensive market towns for home buyers (average house price
1. Ferryhill £78,317
2. Immingham £115,765
3. Crook £115,975
4. Saltburn-by-the-Sea £142,849
5. Stanhope £146,126
6. Tickhill £147,761
7. Guisborough £153,966
8. Marsden £155,439
9. Boston, £159,403
‘For home buyers who are looking for market charm, but not necessarily needing to commute to London, the most affordable towns reside in Yorkshire, Lincolnshire and the North.’
The best market town to set up home and a career in England is Egremont in Cumbria, according to a Post Office survey in January.
The report found the town has ‘very low numbers of people working long hours’ has affordable housing and good schools in the area.
Closely following behind Egremont was Wooton-under-Edge in Gloucestershire, the third best-ranking English market town was Ulverston and then Wigton, both in Cumbria.
Completing the top five was Todmorden in West Yorkshire.
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