Friday, 22 February 2019

Living in a market town costs you an extra £42k

Living in a market town costs you an extra £42k

HOMEBUYERS looking to live in one of England’s picturesque market towns — such as Henley — will need to pay an average premium of £41,633 — or 17 per cent higher than the nationwide average.

According the to latest research from Lloyds Bank, house prices in these areas have grown on average by 23 per cent in the past 10 years to an average of £290,775 — nearly eight times more than the average gross earnings of full-time workers across England.

Meanwhile, homebuyers continue to be attracted to living within the London commuter belt, with market towns in the home counties having seen the highest house price increases in the past decade.

House prices in the top 10 market towns in Buckinghamshire, Hampshire, Oxfordshire, Hertfordshire, Bedfordshire, Kent and Essex have grown on average 60 per cent since 2008, compared to the average market town growth of 23 per cent.

Beaconsfield in Buckinghamshire, close to the Chiltern Hills and within a 40-minute commute to London, carries the largest house price premium, with homes costing 158 per cent (or £644,995) above the county average of £408,980.

The most affordable market town can be found further north in Ferryhill, Durham, where the average home will cost buyers £78,317 — 93 per cent or £975,658 less than in Beaconsfield (where the average is £1,053,975).

In the past five years house prices in market towns have risen by an average of £915 per month.

The average English market town home has risen by £54,908 — up from £235,867 in 2013 to £290,775 in 2018.

Meanwhile, closer to home, Henley and Thame have witnessed the biggest increase in prices since 2013.

In Henley, the average house price has risen by 63 per cent from £325,266 to £838,206. In Thame, prices rose 66 per cent from £189,482 to £477,664.

Andrew Mason, mortgages product director at Lloyds Bank, said: “With house prices rising by almost £1,000 a month in the most popular market towns over the past five years, the value put on quality of life and kerbside appeal is clear.

“Homebuyers continue to be attracted to towns on the commuter belt into London and are prepared to pay extra to live there.

“For home buyers who are looking for market charm, but not necessarily needing to commute to London, the most affordable towns are in Yorkshire, Lincolnshire and the North.”

Property

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