Buying in a market town costs an extra £25,000

Homebuyers face a hefty premium if they want to buy a property in a market town.

Buying a property in a market town will cost you an average premium of £25,000 more than the county average.

Two out of three market towns in England have an average house price that is above their county average.

The biggest market town premiums

The table below breaks down the market towns where property buyers have to fork out the biggest premiums. As you can see, in these towns you’ll be paying at least 50% more than if you bought elsewhere in the county!

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A decade of house price growth

According to Lloyds’ research, house prices in market towns have risen by around 34% since 2004. That works out at an average of £60,586, or £505 a month.

And some towns have seen even more drastic house price growth. In Ferryhill, County Durham, for example, average house prices have jumped an incredible 76% from £48,743 to £85,763. Nonetheless, it’s still the cheapest market town in which to buy a property.

Other market towns which have seen enormous house price growth over the last decade include Saffron Walden (59%) and Lewes (48%).

Why we love market towns

Lloyds suggests there are plenty of factors that make market towns so appealing. They are social hubs, big areas of employment, and also simply very attractive to look at.

Andy Hulme, mortgage director at the bank, said: “Homebuyers continue to be attracted to the high quality of life, architecture, history, setting and community spirit offered by market towns and are prepared to pay a premium to live there."

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