Township bonus: houses are worth £ 36,000 more on average

Houses in market towns in England are now worth £ 36,000 more than other locations, with buyers typically paying double for the privilege in more desirable locations.

Properties in market towns are typically valued at 13% more than homes in the rest of their county, according to a Halifax study – but in some areas the premium is much higher.

House prices in the ten most expensive market towns all average £ 500,000, with Beaconsfield, Buckinghamshire leading for the third year in a row. The average price of her home is £ 1.3million.

Huge bonuses: Buyers in market towns such as Wetherby, Alresford, Henley on Thames and Beaconsfield pay hundreds of thousands more than the average for the rest of their counties

There, buyers pay a whopping 155% or £ 690,000 premium over other Buckinghamshire homes.

Townships are popular with buyers because of their period properties, rural lifestyle and sense of community.

The top three most expensive market towns remain unchanged in 2019, with Henley on Thames, Oxfordshire, (£ 858,772) and Alresford, Hampshire (£ 703,371) taking second and third places respectively.

But it is the buyers in Wetherby who will pay the second biggest premium, spending an average of 98% or £ 196,000 more for their home than elsewhere in West Yorkshire.

What is a town?

Many people think that having a weekly market is enough for a village to be classified as a market town – but that is not the case.

The term actually dates back to the Middle Ages and was attributed to cities that received a royal charter giving them permission to hold markets.

They were often at the center of the local agricultural economy, with people traveling there to buy and sell livestock and other goods.

The habitat has developed around market places over time, giving us the towns we know today.

Those looking for a home in Keswick in Cumbria will also have to pay almost double (95% more) for the privilege, as will those looking to buy in Bakewell in Derbyshire (94% more).

The surge in house prices over the past 10 years means that the borough premium has remained relatively constant.

All of the top five market cities saw their premium increase compared to 2019 as buyers moved away from cities and sought more space.

The average premium paid for a market townhouse has increased by almost £ 3,000 since 2019.

However, some places have seen larger jumps in the long run.

In Alresford the borough premium increased by 42 percent, while in Keswick it increased by 25 percent and in Stamford, Lincolnshire by 24 percent.

Russell Galley, Managing Director of Halifax, said: “England’s beautiful historic market towns are still popular, which can be costly for potential buyers as these areas see house prices 13% above the average. their county, which equates to an additional £ 36,116.

“Merchant towns offer so much to home buyers, including a rich history, period properties, green spaces and tourism.”

Market Price: These cities have the highest premiums compared to the local area

Market Price: These cities have the highest premiums compared to the local area

Bias south: all the most expensive market towns are in the southeast

Bias south: all the most expensive market towns are in the southeast

There are a few market towns where shoppers can get a good deal, many near Durham

There are a few market towns where shoppers can get a good deal, many near Durham

Where can I get a good deal in a town?

All of the top 10 most expensive market towns are in the South East or South West of England, according to Halifax.

Altrincham in Greater Manchester was on the list but was replaced by Lewes in East Sussex in 2020.

Midhurst (West Sussex), Hertford (Hertfordshire), Fairford (Gloucestershire) and Hungerford (Berkshire) also fell from the list of the most expensive, replaced by Moreton-in-Marsh (Gloucestershire), Ringwood (Hampshire), Tenterden (Kent) , and Marlborough (Wiltshire).

Although still more expensive than the local average, market towns in the North can be more affordable, with many falling below the average UK house price.

“Although they can still get expensive, many market townhouses are much more affordable – like Ferryhill and Crook in County Durham, where the average house price is less than £ 150,000,” Galley said.

The average house price in Ferryhill, England’s cheapest market town, was £ 86,351 in 2020: £ 1,047,942 less than the Beaconsfield average.

Of course, those who want to enjoy all the benefits of a market town without the cost can always move in nearby.

Galley added: “Anyone looking to make the most of their budget might well consider looking at towns and villages near a historic market town, which may be close enough to experience all of the benefits associated with these areas, while that perhaps by avoiding the high price. ‘

Best Mortgages

Some links in this article may be affiliate links. If you click on it, we may earn a small commission. This helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

About Mary Moser

Check Also

Wall Street collapses on fears for the economy as rates rise | app

NEW YORK (AP) — Stocks fell on Wall Street on Thursday as concerns returned to …

Leave a Reply

Your email address will not be published.