Why market towns top buyers lists
People are prepared to pay more to live in market towns, according to new research.
Lloyds TSB surveyed the average house price in market towns across England – and discovered the average price has risen 103 per cent between 2001 and 2011.
This is equivalent to an increase of £989 per month over the past decade.
More than half of the market towns in this survey have seen house prices at least double since 2001.
SUNDAY OPEN BUFFET EAT AS MUCH AS U CAN £6.99PP & A LA CARTE...View details
Come & Try our Delicious Menu with an Amazing 15% off all Food Bills on a la carte menu only
Terms: Lebanese & Mediterenian Menu With An Amazing 15% Off Your Food Bills on a la carte menu only
Contact: 0116 2169184
Valid until: Sunday, May 26 2013
Some of the largest prices increases have been in northern England.
The study found the average house price in a market town now stood at £233,416 up from £114,718 in 2001.
Two out of three market towns have an average house price that is above their county average.
House prices in market towns are, on average, £25,592 (or 12 per cent) higher than their county average. The average house price in market towns, at £233,416, is 6.8 times average gross annual earnings; this is slightly below the price to earnings ratio of 7.0 for England as a
Zoopla's figures for Leicestershire appear to back this up. The average price of a home in the county is £172,388 and of the five market towns only homes in Hinckley are lower, at £162,750.
Homes in Melton Mowbray are an average of £172,388; Ashby, £204,071; Loughborough, £182,529 and Market Harborough £227,758.
Nationally, Beaconsfield in Buckinghamshire is the most expensive English market town with an average house price of £779,986.
Nitesh Patel, housing economist at Lloyds TSB, said: "The popularity of living in market towns is clearly evident from the substantial increases in average house prices seen over the past decade, together with the significant premium that many of them command over their neighbouring towns.
"Many of these towns offer an attractive balance between being close to the countryside and ease
of access to the road and rail networks that allow residents to commute to work."
Owen Giles, 42, a computer analyst, moved to Market Harborough from London five years ago.
He said: "I always wanted to live in a market town because I love the quieter pace of life.
"I think Harborough is perfect. A lot of my friends come and stay here and they are all a bit envious!"