To market, to market: bargains in short supply as property prices in market towns continue to command a premium
PUBLISHED: 08:00 15 October 2015
House prices up by an average of £460 per month since 2005 in market towns with Southern England dominating the top 10 most expensive.
House prices in market towns continue to command a premium over those in neighbouring areas, according to latest research from Lloyds Bank. Homebuyers typically part with nearly £24,000 more to reside in a market town in England, whilst the average house price in an English market town, at £250,686, is 7.2 times average gross earnings of all full time workers.
The majority of market towns in England command a price premium that is above their county average, and for one in 10 that is over £100k.
Beaconsfield is the most expensive English market town with an average house price of £997,222. Lewes (£408,641) and Midhurst both in Sussex (£403,893) are the next most expensive market towns in England.
Andy Mason, Mortgages Director at Lloyds Bank, made comment: “Homes in market towns typically command a significant premium over their neighbouring towns. The quality of life benefits often associated 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.”
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