According to a recent study by Lloyds Bank, market towns in England can command around £30,000 more than homes in neighbouring areas.
House prices in English market towns have increased over the last five years, by 21%, as home buyers pay more for the lifestyle benefits. The average cost of a property in a market town in England is £280,690, averaging around 12% more than neighbouring towns. The market town which commands the highest prices in England is Beaconsfield in Buckinghamshire. The homes in this town sell for seven figure sums.
According to the mortgages product director for Lloyds, Andrew Mason, home buyers are seeking a high standard of life, along with the charm offered by market towns, and are happy to pay more for that privilege. Although market towns offer a rural charm, they also provide access to a high level of amenities, like restaurants, transport links and shops.
As demand increases in the market towns, the prices continue to rise. However, the supply of homes in these towns is quite low, as new build homes are rarely built close to, or in, market towns due to their historic heritage.
Buyers in the south east will be close to a number of market towns and are able to commute into London, which creates appeal for those who work in the capital, but want to live away from the city.
As prices are higher for properties in market towns, finding a low cost mortgage is crucial, which is why CeMAP qualified mortgage advisors are on hand to offer support and advice.
