|By Marketwired .||
|December 2, 2013 10:23 AM EST||
LONDON, ENGLAND -- (Marketwired) -- 12/02/13 -- House prices in market towns are on average GBP 14,000 (or 6%) higher than their county average, according to research from Lloyds Bank.
Two out of three market towns have an average house price that is above their county average. Beaconsfield is the most expensive English market town with an average house price of GBP 861,371 and also has the largest premium with houses trading at 181% (or GBP 554,917) above the county average. Bakewell has the next highest premium with prices 99% (GBP 160,459) above the Derbyshire average, followed by Keswick in Cumbria (95%). (See Table 1)
Ten of the most expensive market towns are in southern England
Lewes in Sussex (GBP 382,219) and Cranbrook in Kent (GBP 381,598) are the next most expensive market towns in England after Beaconsfield. Bakewell is the most expensive market town outside southern England with an average property value of GBP 322,519. (See Table 2)
Ferryhill in County Durham is the least expensive market town in England with an average house price of GBP 84,018. Ferryhill and Immingham in Yorkshire and the Humber (GBP 97,722) are the only towns in the survey where the average house price is below GBP 100,000. (See Table 3)
House prices in market towns have risen by an average of GBP 636 per month in past decade
The average house price in market towns across England has risen by 50% from GBP 153,776 in 2003 to GBP 230,061 in 2013. This is equivalent to an average rise of GBP 636 per month over the past decade.
Marc Page, Mortgages Director at Lloyds Bank, commented: "The popularity of living in market towns is clearly evident from the significant premium that many of them command over their neighbouring towns. Indeed, recent government research concludes that cities and smaller towns should try and replicate the community spirit, thriving high streets and social networks often seen in market towns.
"Market towns offer an excellent quality of life, with high levels of health and low crime and unemployment; they also tend to have higher levels of retired people and young couples without children. Market towns are seen as desirable places to live - small enough for people to feel included but large enough to remain private."
More than a quarter of the market towns have seen house prices grow by more than 50% since 2003
Eight of the ten market towns recording the largest price increases are in northern England with five in the North East. The biggest increase was in Saltburn on the north east coast where the average price rose by 94% from GBP 68,899 to GBP 133,889. Saltburn is followed by Berwick upon Tweed in Northumberland (85%), Seahouses in Northumberland (84%) and Ferryhill (77%). In southern England the largest house price growth was recorded in Cranbrook in Kent (66%) followed by Lewes in Sussex (65%). (See Table 4)
Seven out of ten market towns have seen prices rise since 2009
Average house prices have risen in seven out of ten market towns since the bottom of the housing market in 2009. Contrary to the decade as whole, it has been market towns in the south that have performed best in the past few years. Beaconsfield in Buckinghamshire recorded the largest price growth in the past four years (45%), followed by Didcot in Oxfordshire (27%) and Horsham in Sussex (25%). The average price growth for all market towns in the survey was 8%. (See Table 5)
"This report is prepared from information that we believe is collated with care, however, it is only intended to highlight issues and it is not intended to be comprehensive. We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance. © Lloyds Bank plc all rights reserved 2013."