Market towns offer a £30,000 house price premium

Published ¤ 30/11/2010 13:04:20

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As shoppers wrap up to explore the German Christmas markets springing up across the UK, Lloyds TSB takes a look at the cost of living in some of England's more traditional market towns.

Birmingham and Leeds are set to host some of the UK's largest markets this Christmas, but it's England's smaller market towns that command a £30,000 price premium for those wanting to live there. 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 in Buckinghamshire has the largest premium with houses trading at 145% above the average house price in the county. Wetherby has the next highest premium with prices 99% above the West Yorkshire average.
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."
Other findings:

  • 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. All ten of the most expensive market towns in England are in the south.
  • Wetherby in West Yorkshire is the most expensive market town outside southern England with an average house price of £311,140.
  • 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 ten market towns have an average house price below £150,000. Three out of the ten most inexpensive market towns are in County Durham.
Having lived in Odiham, a market town in Hampshire, Paul Skinner at PKS commented: "Market towns offer a much more relaxed environment to live, and many people prefer the relative peace and quiet, particularly after a hard day at the office. Odiham has everything people need, everyone is very friendly, and the village is minutes from the motorway and the rail network. That is why we chose to set up our business here.
"Of course, the higher house prices and standard of living make our business much easier in such an environment.
"Odiham is a thriving town, although the recession took its toll on some of the businesses, and it is only with the help of groups such as Odiham Interactive (www.odihamcommunity.org.uk) that it has become a vibrant village again. Many market towns have also suffered, and those at the bottom end of the Lloyds TSB tables might take a leaf out of Odiham, to ensure their market town remains a popular place to live."

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Registered address: 10 Addison Gardens, Odiham, Nr Basingstoke, Hants RG29 1AS
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