You are here: Home - Mortgages - Buy To Let - News -

Want a house by the perfect market town? Expect to pay a £23,000 premium

0
Written by:
16/11/2012
Those looking at their dream home near a market town should be prepared to fork out a whopping £23,000 extra, according to Lloyds TSB.

House prices in market towns across England are, on average, £22,616 (or 11%) higher than their county average, while the average house price, at £235,719, is 6.4 times average gross annual earnings.

This new figure is almost double what it was 10 years ago, where the premium for living in a market town was £11,691.

The average house price 2002 in market towns was £132,870, compared with an average of £121,179 for their county.

Nitesh Patel, housing economist at Lloyds TSB, said: “Home buyers are attracted to the high quality of life, architecture, history, setting and community spirit typically associated with market towns and are accordingly prepared to pay a premium to live in them.

“Close to two-thirds of market towns have higher house prices than other areas in their county.

“Market towns are often particularly desirable for those looking to move out of urban areas and into more idyllic surroundings without sacrificing many of the valued amenities they currently enjoy.”

Around two-thirds of market towns have higher house prices than neighbouring towns, with Beaconsfield in Buckinghamshire with the largest premium. Houses there are 163% above the average house price in the county.

Beaconsfield is followed by Bakewell (123%) and Whetherby (96%). Unsurprisingly, nine out of 10 of the most expensive market towns are in Southern England.

However, market towns in northern England have seen the largest house price gains since 2002.

Nine of the 10 top performing towns are in the north. The biggest increase was in Seahouses in Northumberland where the average price rose by 134% from £79,240 to £185,259.

Seven other market towns – eight in total – have seen property values more than double during the period – since 2002 average prices in market towns grew by 77%.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2225362-rbs-cara
UK ‘may never recover’ £66bn spent saving RBS and Lloyds

The UK economy may never recover the £66bn spent on rescuing Royal Bank of Scotland (RBS) and Lloyds, a new...

Close