Market towns have higher prices than neighbouring towns
03 November 2006
Source: HBOS.
New research from Halifax Estate Agents highlights the popularity of English market towns - 73% of market towns have higher average house prices than the neighbouring towns in their county, while 70% of market towns have seen stronger house price growth than the English average over the past five years.
Beaconsfield is the only market town with an average price above £500,000
Beaconsfield in Buckinghamshire is the most expensive market town with an average price of £574,211, followed by Winchcombe in Gloucestershire (£324,717) and Cranbrook in Kent (£317,290). Six of the ten most expensive market towns are in the South East of England.
Stanhope records strongest house price growth over the last five years
Stanhope in County Durham has been the best performing market town over the past five years with a 152% increase in its average house price, followed by Alford in Lincolnshire (147%) and Saltburn by the Sea in County Durham (145%). Nine of the ten best performing market towns since 2001 are outside the south of England – the exception being Helston in Cornwall (138%).
Market towns in northern England see strongest gains over the past 5 years
Forty one market towns have seen a doubling of their average house price since June 2001. More than three quarters of these towns (34) are located outside the South of England. Overall, 78 market towns – 70% of those surveyed - have seen stronger price growth than the English average of 72% over the past five years.
Ferryhill and Immingham are the only market towns with an average price below £100,000
The least expensive market town is Ferryhill in County Durham with an average house price of £70,932, followed by Immingham in North Lincolnshire (£99,336) and Crook in County Durham (£111,304).
KEY FINDINGS
• Thirty market towns in England have an average house price in excess of £250,000. Beaconsfield in Buckinghamshire is the most expensive with an average price of £574,211 followed by Winchcombe in Gloucestershire (£324,717) and Cranbrook in Kent (£317,290).
• Fifty-seven market towns have an average house price above £200,000. The majority of these towns are located in the South East (24) and the South West (12). The most expensive market towns in the north are Lymm in Cheshire (£279,442), Wetherby in West Yorkshire (£277,505), and Keswick in Cumbria (£260,496).
• Twelve market towns trade at a premium of more than 50% to the average house price in their county and nine of these are located outside the south of England. Four are located in the North West with three in Lancashire and one in Cheshire. The premium is largest in Beaconsfield in Buckinghamshire (132%) and Bakewell in Derbyshire (100%).
• Eighty one market towns (73%) have an average house price above the average house price in their county.
• 77 market towns (69%) have an average house price above the average house price in their region. All six market towns in the North West have an average price above the regional average, while four of the six market towns in the West Midlands trade above the regional average.
• Eleven market towns have an average house price below £150,000. Five of the ten most inexpensive market towns are located in the North of England with four in County Durham and one in Northumberland. The least expensive market town is Ferryhill in County Durham with an average house price of £70,932, followed by Immingham in North Lincolnshire (£99,336) and Crook in County Durham (£111,304).
• There are ten market towns which trade at a discount of 10% or more to the average house price in their county. Four of these towns are in the South East – Didcot, Deal, Wantage and Faversham. The discount is largest in Ferryhill in County Durham (42%), Immingham in North Lincolnshire (34%) and Didcot in Oxfordshire (19%).
• Lymm in Cheshire saw a 20% price increase over the past year
Over the past year the best performing market town was Lymm in Cheshi
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