England’s smaller market towns command a £30,000 price premium for those wanting to live there, according to analysis by Lloyds TSB.
House prices in market towns are, on average, £29,319 (or 14%) higher than their county average. The average house price in market towns, at £231,163, is 7.1 times average gross annual earnings.
More than two-thirds of market towns have higher house prices than neighbouring towns 69% of market towns have a higher average house price than their county average. Beaconsfield is the most expensive English market town with an average house price of £736,585. Eighteen other market towns have an average house price exceeding £300,000. Wetherby has the next highest premium with prices 99% above the West Yorkshire average.
Ferryhill in Durham is the least expensive market town in England with an average house price of £98,799 in August 2010. Ferryhill is also the only town in the survey with an average house price below £100,000.
Only 10 market towns have an average house price below £150,000. Three out of the ten most inexpensive market towns are in County Durham.
All 10 of the most expensive market towns in England are in the south.
This survey tracks house price movements in 111 market towns in England. The market towns surveyed are those identified by the Campaign to Protect Rural England (CPRE) and all have a population of between 3,000 and 30,000. The review is based on data from the Land Registry.
Martin Ellis at Lloyds TSB, said: “Homes in market towns command a significant premium over their neighbouring towns with the quality of life benefits often associated with living in such locations 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.”””