Home buyers in market towns ‘face paying a typical £31,000 premium’

Home buyers looking to live in one of England’s market towns face paying a premium of nearly £31,000, a report has found.

At £294,772, the average house price in market towns across England is £30,986 higher than house prices in surrounding county areas, Lloyds Bank said.

Northern market towns have been seeing the biggest house price jumps over the past year.

Ferryhill in Durham and Seahouses in Northumberland have seen the biggest average house price increases in Lloyds’ study over the past year, both at 23%, followed by Market Bosworth in Leicestershire (14%).

Despite the price jump, Ferryhill was identified as England’s least expensive market town, with an average house price of £96,319.

Meanwhile, Beaconsfield in Buckinghamshire, which is within commuting distance to London, is England’s only million-pound market town – with average house prices at £1,031,529.

Andrew Mason, head of mortgages at Lloyds Bank, said: “There are many reasons why home buyers continue to pay a premium for market town properties; the idyllic surroundings of these close knit communities make them the perfect place for many.”

Lloyds Bank used Land Registry house price figures to make the findings.

Here are the 10 most expensive market towns according to Lloyds Bank, with the average house price:
1. Beaconsfield, Buckinghamshire, £1,031,529
2. Henley-on-Thames, Oxfordshire, £797,436
3. Alresford, Hampshire, £587,746
4. Midhurst, Sussex, £523,295
5. Thame, Oxfordshire, £484,537
6. Petersfield, Hampshire, £480,743
7. Cranbrook, Kent, £477,398
8. Lewes, Sussex, £471,337
9. Hertford, Hertfordshire, £466,519
10. Saffron Walden, Essex, £457,835

Here are the market towns where home buyers face paying the highest premiums compared with average house prices in the surrounding county according to Lloyds Bank, with the average house price in each market town followed by the premium in percentage and cash terms:
1. Beaconsfield, Buckinghamshire, £1,031,529, 153%, £623,895
2. Wetherby, West Yorkshire, £372,991, 100%, £186,148
3. Henley-on-Thames, Oxfordshire, £797,436, 93%, £384,916
4. Southwell, Nottinghamshire, £349,335, 80%, £155,049
5. Bakewell, Derbyshire, £364,672, 78%, £159,261
6. Alresford, Hampshire, £587,746, 77%, £255,995
7. Stamford, Lincolnshire, £356,673, 77%, £154,735
8. Altrincham, Cheshire, £443,690, 76%, £191,867
9. Keswick, Cumbria, £329,647, 74%, £140,235
10. Middleton St George, Durham, £224,204, 61%, £85,186

And here are the market towns with the lowest average house prices, according to Lloyds Bank:
1. Ferryhill, Durham, £96,319
2. Crook, Durham, £110,213
3. Immingham, Lincolnshire, £124,220
4. Saltburn by-the-Sea, Durham, £148,335
5. Stanhope, Durham, £150,295
6. Tickhill, Derbyshire, £157,357
7. Guisborough, North Yorkshire, £172,518
8. Boston, Lincolnshire, £173,232
9. Berwick-upon-Tweed, Northumberland, £177,106
10. Goole, East Riding, £178,670

Here are the 10 market towns with the fastest percentage increases in house prices over the past year, according to Lloyds Bank, with the average house price followed by the percentage increase:
=1. Ferryhill, Durham, £96,319, 23%
=1. Seahouses, Northumberland, £237,821 23%
3. Market Bosworth, Leicestershire, £340,027, 14%
4. Midhurst, Sussex, £523,295, 12%
=5. Shepton Mallet, Somerset, £280,456, 11%
=5. Marsden, West Yorkshire, £186,234, 11%
=5. Thatcham, Berkshire, £433,994, 11%
=8. Malmesbury, Wiltshire, £402,670, 10%
=8. Morpeth, Northumberland, £234,279, 10%
=8. Ledbury, Herefordshire, £300,604, 10%