Saturday, 21 October 2017

Buyers are paying a premium to live in market towns like Henley

Buyers are paying a premium to live in market towns like Henley

ACCORDING to data from Lloyds Bank and property portal Zoopla, home owners are happy to fork out somewhere between an extra £91,000 to £589,000 to live in their local market town, writes Lucy Boon.

In Henley it’s £366,000 (see the chart on the right for the top 10 most expensive market towns in England).

Most interestingly, though, Henley has seen the biggest price jump over the past 10 years, with values in the town soaring by 70 per cent (or more than £300,000) during this time.

However, Beaconsfield in Buckinghamshire tops the list of the most expensive market towns in which to buy property.

Homes here, on the edge of the Chiltern Hills but a very commutable 40 minutes from the capital, are the most expensive for any market town, at an average of £958,909. Prices here have risen by 68 per cent over the past 10 years.

All but two of the 10 most expensive market towns are in the South East of England, with properties in Henley commanding the second highest average price tag at £748,001, followed by Alfresford in Hampshire at £492,645.

Property prices in 70 per cent of market towns are higher than those in neighbouring areas, according to Lloyds Bank, with some showing the equivalent of approximately a £500 rise each month over the past 10 years.

Andy Mason, mortgages director at Lloyds Bank, said: “Market towns continue to be popular with homebuyers looking for a quality of life associated with country living. Due to their historic character, the number of properties in market towns tends to be limited. It is this mismatch between supply and demand that forces prices up.”

This is indeed the view of Henley’s local agents, who all note the low amount of stock — that is, properties for sale — in the area.

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