22 Nov

Market town property costs more

Market town property costs more

 According to research from Lloyds TSB, homes in market towns cost around £23,000 more than their county average. That means market town homes are, on average, 11% more expensive than homes in the surrounding area.

In fact, house price premiums have nearly doubled from £11,691 in 2002. At this point the average house price in a market town was £132,870 compared to £121,179 for the rest of the county.

The research also showed that 61% of market towns have higher than average house prices. Beaconsfield in Buckinghamshire had the largest premium with houses selling at 163% above the average in the county.

In terms of price increases, market towns in the north of England were among the highest. Seahouses in Northumberland was the highest with average price rising by 134% from £79,240 to £185,259.

Nitesh Patel, housing economist at Lloyds TSB, stated:

"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."

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