Brits wanting to buy a home in an English market town will pay around £34,000 more than other areas of the UK.
According to a report produced by Lloyds Bank, properties in 70% of market towns cost more than homes in neighbouring towns. The report states that the average cost of a property in one of the towns is £273,757.
Homes in 20% of the market towns have such a high demand that they can command at least £100,000 as a premium. Buying a market town property is a good move for investors, as during the last decade, values rose by an average of £65,559, which equates to a £546 rise per month.
According to the mortgage director of Lloyds Bank, Andy Mason, the demand for market town homes continues to be high, as people look for the idyllic country life. The availability of homes in market towns is limited, which impacts on the price.
The most expensive homes in market towns appear to be within commuting distance of London, with Beaconsfield properties being the most expensive, averaging at £958,909. Eight of the 10 most expensive market towns are located in the south east, with Marlborough and Winchcombe the only two towns outside this area.
If you are considering purchasing a home in a highly desirable location such as a market town, you may require a much larger deposit. Speaking to a mortgage adviser who has studied for CeMAP may help you source the most suitable mortgage for your requirements.