Owning a home in a picturesque market town could cost almost £34,000 more than a similar property in a neighbouring area, according to new research.
Lloyds Bank’s analysis of house price growth in 125 market towns in England over the year to June 2016 (using Land Registry data), found that more than two thirds (70%) of market towns have average prices above their county average and almost one in five have properties that are at least £100,000 more than similar ones in surrounding areas.
House prices in market towns across England are, on average, £33,911 - or 14% - higher than the average in the surrounding county.
The most expensive market towns are in the South East, with Beaconsfield in Buckinghamshire topping the list with an average house price of £958,909. This is followed by Henley-on-Thames in Oxfordshire at £748,001, and Alresford in Hampshire at £492,645.
Beaconsfield also has the largest house price premium across England, with homes priced at 160% (or £589,808) above the county average. This is followed by Wetherby in West Yorkshire, which has an average house price that is double its surrounding area, at £341,618 against £171,236, and Henley-on-Thames in Oxfordshire, which has an average premium of £365,101.
Lloyds Bank also found that house prices in market towns across England have typically risen by £65,559 (or 31%) from £208,197 in 2006 to £273,757 in 2016, which equates to an average rise of £546 a month over the past 10 years.
Andy Mason, mortgages director at Lloyds Bank, says: “Market towns continue to be popular with homebuyers looking for a quality of life associated with country living. These locations offer many benefits, such as idyllic surroundings, history and wonderful homes without compromising on many other important amenities. As a result, the majority of homes in market towns command a significant premium over their neighbouring towns.”
10 most expensive market towns 2016
|Market town||County||Region||Average House Price 2016 (£)|
|Henley on Thames||Oxfordshire||South East||748,001|
|Lewes||East Sussex||South East||436,680|
10 market towns with highest premium to county house prices 2016
|Market Town||County||Average house price 2016||Average house price in county 2016||Premium to county 2016 (%)||Premium to county 2016 (£)|
|Henley on Thames||Oxfordshire||748,001||382,900||95%||365,101|
|Middleton St George||Durham||215,442||130,410||65%||85,032|