Homebuyers looking to buy a home in one of England’s popular market towns face an average premium of 12% or £33,000, according to research from Lloyds Bank.
Whilst research shows that the premium has decreased by 3% in the past 12 months, some market town hotspots continue to see nearly double that of the county average house price.
House hunters looking to buy a place in Beaconsfield in Buckinghamshire, can expect to pay a premium of 162% more than the rest of the county and homes continue to have a price tag exceeding £1m on average.
Alongside Beaconsfield, the South East has two other entrants in the top 10 market towns with the highest property premiums which are Henley-on-Thames in second place at 97% and Alresford (69%) in ninth place.
The North West and Southwell both appear twice in the top 10 and Yorkshire, the East of England and the South West once each.
Andrew Mason, mortgage director at Lloyds Bank, said: “Market towns have a long-standing reputation for being packed with typical English charm – with cobbled streets, bustling market stalls and historic buildings all contributing to the appeal for many people looking to set up home.
“This popular lifestyle undoubtedly comes with a property premium – as much as double the county average in some hotspots – so those considering making a market town their home should consider how it compares with the relative value for money that alternative areas have to offer.”
The cheapest market town is Ferryhill where the average property price is £91,153.
The least expensive market towns are all in regions within the North of England, with the exception of Tickhill, Derbyshire in the East Midlands.
Hungerford in the South East of England has seen the greatest increase in price in the last 12 months of 21% with homes costing upwards of £500,000 on average.
The coastal market town of Sheringham in East Anglia, as well as Skipton in Yorkshire have seen the next greatest increases in property values at 14% in the last year up from £276,466 and £242,674 respectively to £315,996 and £276,608.