Spa town living comes with a premium
Average house prices in fifteen of the eighteen spa towns surveyed are significantly higher than those in their neighbouring towns. Boston Spa (£153,629, or 98%) and Ilkley (£152,022, or 97%) – both in West Yorkshire – command the highest house price premium to their county average. Only three spa towns have house prices below their county average: Epsom in Surrey (-5%), Llandrindod Wells in Powys (-7%), and Boston in Lincolnshire (-15%).
Fifteen spa towns have seen houses prices at least double in the past decade. The largest increase was in Builth Wells in Powys (153%) followed by Tenbury Wells in Worcestershire (143%), Boston Spa (141%) and Matlock in Derbyshire (140%). Epsom is the most expensive spa town in the country with an average house price of £357,837, followed by Tunbridge Wells (£337,144) and Bath (£324,250).
The least expensive spa towns are Boston in Lincolnshire with an average price of £132,912 and Llandrindod Wells in Wales (£168,428)
Commenting, Nitesh Patel, housing economist at Lloyds TSB, said: “Spa towns tend to have a larger stock of period architecture, such as Georgian or Regency, which are often larger and command higher prices. Spa towns are also often thought of as having a high quality of life, including excellent schools, lower crime rates, and lesser traffic volumes, all of which drive desirability in these areas and ramp up value. It all adds up to a significant success story for the housing market in these areas.”