House prices in market towns outpacing their county neighbours

The average house price in market towns across England has risen from £179,535 in 2004 to £240,121 in 2014

House prices in market towns are on average £24,766 higher than their county, according to research from Lloyds Bank.

Beaconsfield in South Buckinghamshire has the largest house price premium with homes around 150 per cent (or £501,648) above the county average. It is followed by Wetherby at 99 per cent (£157,016) above the West Yorkshire average, then Bakewell in Derbyshire (88 per cent or £147,224).

The 10 most expensive of the 113 market towns tracked in the research are in southern England - Beaconsfield tops the list again with an average house price of £822,753. Second spot is Petersfield in Hampshire (£402,216) and in third is Cranbrook in Kent (£393,778).

Three of the top five least expensive market towns are in County Durham. Ferryhill has an average house price of £85,763, Crook’s is £106,591 and Stanhope’s £128,114. The other towns include Immingham (£110,565) and Tickhill (£133,550).

"Market towns are important hubs of social interaction and cohesion, as well as providers of employment and support for local business,” said Andy Hulme, Mortgages Director at Lloyds Bank. “They are also, in most cases, very attractive places to live. This is reflected in the majority of market towns having higher property prices than their surrounding counties, a premium that increased in the past decade. 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 average house price in market towns across England has risen from £179,535 in 2004 to £240,121 in 2014. The biggest jump in prices was in Ferryhill, from £48,743 to £85,763. The average price growth since 2009 for all market towns in the survey was 13 per cent.