How much is living in a market town worth?

Thu 15 Oct 2015

For a quieter way of life, a strong community spirit and quaint surroundings, living in a market town is the perfect choice.

But how much is it worth to call one of these idyllic locations your home?

New research on the subject by Lloyds Bank indicates properties in a market town attract a premium of almost £24,000.

House prices in market towns have increased by an average of £460 every month since 2005 to their current level of £250,686.This puts a typical property in a market town £23,938 and 11 per cent above the average property value in the same county.

And in approximately ten per cent of market towns, the price premium in comparison with properties in standard locations is at least £100,000.

Beaconsfield in south Buckinghamshire has an average house price that is £652,178 - or 189 per cent - above the county average.

But it is far from the only beautiful market town that attracts high demand from buyers, leading to soaring prices. Cheltenham in Gloucestershire, Ringwood in Hampshire and Southwell in Nottinghamshire all have an average house price that is more than £100,000 above the county average.

Beaconsfield remains the most expensive market town in the country with an average property value of £997,222, ahead of Lewes, East Sussex (£408,641) and Midhurst, West Sussex (£403,893).

Buying a property in a market town is an attractive prospect for people of all ages and circumstances. The opportunity to retain easy access to important amenities while moving to a traditional town with more aesthetic qualities is clearly a winning combination.

If you already own a property in a market town, several years of rising house prices mean you could be surprised by how much it is now worth.

To find out more about your local property market and to get a free valuation, please contact your local Leaders branch today.