Market towns more expensive than neighbours

21 July 2008

Those hoping to find an affordable mortgage may be interested in new figures indicating some of the most expensive property is to be found in market towns.

Statistics from mortgage lender Halifax correlated with Land Registry data show the majority of English market towns have higher house prices than neighbouring towns.

More than half of England`s market towns – those which have a population of between 3,000 and 30,000 and have been defined by the Campaign to Protect Rural England – have recorded house price growth above the English average in the past five years.

Additionally, more than two-thirds (67 per cent) have a higher average house price than towns nearby, according to the research.

Beaconsfield in Buckinghamshire is the most expensive market town in England with houses averaging over £700,000.

Chief economist at Halifax, Martin Ellis, said: "Home buyers continue to be attracted to the high quality of life, architecture, history, setting and community spirit offered by market towns and are prepared to pay a premium to live there."

The least expensive town on the list was Ferryhill in Durham where houses currently average under £85,000 – a 99 per cent increase in five years.

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