Pitching up - Market town house price premium rises

England’s market town premium rises to £36,116, up 8.4% on 2019

Beaconsfield remains most expensive, with property an average £1.13m

Properties in top ten most expensive market towns all average above £500k

Homebuyers in market towns across England face a premium of 13% on their county average, according to research from Halifax.

Analysis of house prices shows that, having fallen back in 2019 (down 15.6% vs 2018), the market town premium increased by 8.4% (£2,812) by the end of 2020. Those looking to buy in these attractive locations will need to have an additional £36,116 on average, compared to those buying elsewhere in the same county, with the top ten most expensive market towns all coming in at over £500,000 for the average house price.

Beaconsfield cemented its position as the most expensive market town in England having also ranked first in 2018 and 2019. Homes in the town averaged £1.13m, a premium of nearly £690k (155%) over Buckinghamshire overall. The top three most expensive market towns remain unchanged on 2019, with Henley on Thames, Oxfordshire, (£858,772) and Alresford, Hampshire (£703,371) taking second and third spots respectively.

After Beaconsfield, homebuyers face the biggest ‘market town premium’ in Wetherby, West Yorkshire (98%), Alresford (97%), Keswick in Cumbria (95%), and Bakewell in Derbyshire (94%) [table 1]. All of the top 5 has seen their premium rise compared to 2019.

Surging house prices over the last 10 years mean that the market town premium has remained relatively constant. In 2010 the average premium was 15% (£31,947) compared to 13% (£36,116) in 2020. However, some towns have seen a widening of the gap with their county average [table 2]. Places with the greatest change in their premium between 2010 and 2020 are Alresford (+42%), Keswick (+25%), and Stamford in Lincolnshire (+24%).

Russell Galley, Managing Director, Halifax, said: “England’s beautiful historic market towns are enduringly popular, which can bring a heavy price tag for prospective buyers, as these areas see house prices 13% above their county averages, equivalent to an additional £36,116.

“Beaconsfield in Buckinghamshire is England’s most expensive market town for the third year in a row, with average house prices of £1.13m. 

“Market towns offer so much for house buyers, including rich history, period properties, green spaces, and tourism. And while they might still come at a premium, many market town homes are much more affordable - like Ferryhill and Crook in County Durham where average house prices are under £150,000.” 

Steep south

All of the top 10 most expensive market towns in England are now in the South East or South West of England, after Altrincham in Greater Manchester was replaced by Lewes in East Sussex in 2020. Midhurst, Hertford, Fairford, and Hungerford also fell from the most expensive list, being replaced by Moreton-in-Marsh (Gloucestershire), Ringwood (Hampshire), Tenterden (Kent), and Marlborough (Wiltshire) [table 3].

The average house price in England’s least expensive market town, Ferryhill in Durham, was £86,351 in 2020:  £1,047,942 less than the average in Beaconsfield. House hunters in County Durham have some of the most affordable opportunities to benefit from beautiful countryside, historic locations, and good links to vibrant cities, with four market towns in the ‘least expensive’ table [table 4].

Russell added: “Anyone looking to make the most of their budget could do well to consider looking at the towns and villages near to a historic market town, which can be close enough to take advantage of all the benefits associated with these areas, whilst perhaps avoiding the premium price tag.” 

- ENDS - 

Editors' Notes:

Data sources: This survey tracks house price movements in 134 market towns in England. House price data is from the Land Registry and all price figures refer to the arithmetic average of house prices. The latest data refers to the average for the 12 months to December 2020.

Southern England is defined as the South East, the South West and East Anglia. Northern England includes the North, North West, Yorkshire and the Humber, West Midlands and East Midlands.

For the purpose of this analysis, Altrincham has been compared to Chester and not Greater Manchester.

Data produced by Land Registry © Crown copyright 2020.

 "This report is prepared from information that we believe is collated with care, however, it is only intended to highlight issues and it is not intended to be comprehensive. We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance. © Lloyds Bank plc all rights reserved 2021."

This information is intended for the sole use of journalists and media professionals.

Table 1: Market Towns with the Highest Premium to County House Prices 2020

Table 1: Market Towns with the Highest Premium to County House Prices 2020

Market Town

County

Average House Price 2020 £

Average House Price County 2020

Premium to County 2020 %

Premium to County 2020 £

Market Town

Beaconsfield

County

Buckinghamshire

Average House Price 2020 £

1,134,293

Average House Price County 2020

445,269

Premium to County 2020 %

155%

Premium to County 2020 £

689,024

Market Town

Wetherby

County

West Yorkshire

Average House Price 2020 £

395,315

Average House Price County 2020

199,610

Premium to County 2020 %

98%

Premium to County 2020 £

195,705

Market Town

Alresford

County

Hampshire

Average House Price 2020 £

703,371

Average House Price County 2020

357,849

Premium to County 2020 %

97%

Premium to County 2020 £

345,522

Market Town

Keswick

County

Cumbria

Average House Price 2020 £

385,071

Average House Price County 2020

197,490

Premium to County 2020 %

95%

Premium to County 2020 £

187,582

Market Town

Bakewell

County

Derbyshire

Average House Price 2020 £

424,491

Average House Price County 2020

218,706

Premium to County 2020 %

94%

Premium to County 2020 £

205,785

Market Town

Henley on Thamese

County

Oxfordshire

Average House Price 2020 £

858,772

Average House Price County 2020

447,213

Premium to County 2020 %

92%

Premium to County 2020 £

411,559

Market Town

Southwell

County

Nottinghamshire

Average House Price 2020 £

374,281

Average House Price County 2020

209,252

Premium to County 2020 %

79%

Premium to County 2020 £

165,279

Market Town

Altrincham

County

Cheshire

Average House Price 2020 £

499,792

Average House Price County 2020

279,252

Premium to County 2020 %

79%

Premium to County 2020 £

220,540

Market Town

Stamford

County

Lincolnshire

Average House Price 2020 £

371,608

Average House Price County 2020

219,080

Premium to County 2020 %

70%

Premium to County 2020 £

152,528

Market Town

Marlborough

County

Wiltshire

Average House Price 2020 £

514,491

Average House Price County 2020

307,400

Premium to County 2020 %

67%

Premium to County 2020 £

207,091

Market Town

All Market Towns in England

County

Average House Price 2020 £

321,780

Average House Price County 2020

285,665

Premium to County 2020 %

13%

Premium to County 2020 £

35,116

Table 2: Market Towns Change in Premium to County House Prices: 2010-2020

Table 2: Market Towns Change in Premium to County House Prices: 2010-2020

Market Town

County

Premium to County 2010 %

Premium to County 2020 %

10 year change in Premium %

Market Town

Alresford

County

Hampshire

Premium to County 2010 %

54%

Premium to County 2020 %

97%

10 year change in Premium %

42%

Market Town

Keswick

County

Cumbria

Premium to County 2010 %

70%

Premium to County 2020 %

95%

10 year change in Premium %

25%

Market Town

Stamford

County

Lincolnshire

Premium to County 2010 %

45%

Premium to County 2020 %

70%

10 year change in Premium %

24%

Market Town

Frome

County

Somerset

Premium to County 2010 %

-1%

Premium to County 2020 %

23%

10 year change in Premium %

23%

Market Town

Ledbury

County

Hereforshire

Premium to County 2010 %

1%

Premium to County 2020 %

24%

10 year change in Premium %

23%

Market Town

Moreton-in-Marsh

County

Gloucestershire

Premium to County 2010 %

48%

Premium to County 2020 %

65%

10 year change in Premium %

17%

Market Town

Malmesbury

County

Wiltshire

Premium to County 2010 %

28%

Premium to County 2020 %

43%

10 year change in Premium %

15%

Market Town

Ludlow

County

Shropshire

Premium to County 2010 %

14%

Premium to County 2020 %

29%

10 year change in Premium %

15%

Market Town

Beverley

County

East Riding

Premium to County 2010 %

29%

Premium to County 2020 %

43%

10 year change in Premium %

15%

Market Town

Middleton St George

County

Durham

Premium to County 2010 %

48%

Premium to County 2020 %

62%

10 year change in Premium %

14%

Table 3: 10 Most Expensive Market Towns 2020

Table 3: 10 Most Expensive Market Towns 2020

Market Town

County

Region

Average House Price 2020 £

Market Town

Beaconsfield

County

Buckinghamshire

Region

South East

Average House Price 2020 £

1,134,293

Market Town

Henley on Thames

County

Oxfordshire

Region

South East

Average House Price 2020 £

858,772

Market Town

Alresford

County

Hampshire

Region

South East

Average House Price 2020 £

703,371

Market Town

Moreton-in-Marsh

County

Gloucestershire

Region

South West

Average House Price 2020 £

557,168

Market Town

Ringwood

County

Hampshire

Region

South East

Average House Price 2020 £

534,330

Market Town

Tenterden

County

Kent

Region

South East

Average House Price 2020 £

524,092

Market Town

Petersfield

County

Hampshire

Region

South East

Average House Price 2020 £

515,175

Market Town

Lewes

County

Sussex

Region

South East

Average House Price 2020 £

514,868

Market Town

Marlborough

County

Wiltshire

Region

South West

Average House Price 2020 £

514,491

Market Town

Winchcombe

County

Gloucestershire

Region

South West

Average House Price 2020 £

509,798

Table 4: 10 Least Expensive Market Towns 2020

Table 4: 10 Least Expensive Market Towns 2020

Market Town

County

Region

Average House Price 2020 £

Market Town

Ferryhill

County

Durham

Region

North

Average House Price 2020 £

86,351

Market Town

Crook

County

Durham

Region

North

Average House Price 2020 £

125,807

Market Town

Immingham

County

Lincolnshire

Region

Yorkshire and Humber

Average House Price 2020 £

143,336

Market Town

Saltburn-by-the-sea

County

Durham

Region

North

Average House Price 2020 £

150,439

Market Town

Stanhope

County

Durham

Region

North

Average House Price 2020 £

172,746

Market Town

Tickhill

County

Derbyshire

Region

East Midlands

Average House Price 2020 £

177,344

Market Town

Berwick upon Tweed

County

Northumberland

Region

North

Average House Price 2020 £

177,877

Market Town

Guisborough

County

North Yorkshire

Region

Yorkshire and Humber

Average House Price 2020 £

178,923

Market Town

Boston

County

Lincolnshire

Region

East Midlands

Average House Price 2020 £

186,960

Market Town

Chesterfield

County

Derbyshire

Region

East Midlands

Average House Price 2020 £

189,581

Table 5: Market Towns with highest house price increases 2010-2020

Table 5: Market Towns with highest house price increases 2010-2020

Market Town

County

Region

Average House Price 2010 £

Average House Price 2020 £

10 Year % Change

Market Town

Alresford

County

Hampshire

Region

South East

Average House Price 2010 £

381,849

Average House Price 2020 £

703,371

10 Year % Change

84%

Market Town

Hertford

County

Hertfordshire

Region

South East

Average House Price 2010 £

293,754

Average House Price 2020 £

494,346

10 Year % Change

68%

Market Town

Frome

County

Somerset

Region

South West

Average House Price 2010 £

208,521

Average House Price 2020 £

343,588

10 Year % Change

65%

Market Town

Hitchin

County

Hertfordshore

Region

South East

Average House Price 2010 £

273,596

Average House Price 2020 £

449,897

10 Year % Change

64%

Market Town

Ledbury

County

Herefordshire

Region

West Midlands

Average House Price 2010 £

220,331

Average House Price 2020 £

358,683

10 Year % Change

63%

Market Town

Stamford

County

Lincolnshire

Region

East Midlands

Average House Price 2010 £

229,507

Average House Price 2020 £

371,608

10 Year % Change

62%

Market Town

Moreton-in-Marsh

County

Gloucestershire

Region

South West

Average House Price 2010 £

351,613

Average House Price 2020 £

557,168

10 Year % Change

58%

Market Town

Chichester

County

Sussex

Region

South East

Average House Price 2010 £

300,085

Average House Price 2020 £

473,611

10 Year % Change

58%

Market Town

North Walsham

County

Norfolk

Region

East Anglia

Average House Price 2010 £

168,180

Average House Price 2020 £

264,071

10 Year % Change

57%

Market Town

Deal

County

Kent

Region

South East

Average House Price 2010 £

207,682

Average House Price 2020 £

325,921

10 Year % Change

57%

Market Town

Average Market Town

County

Region

Average House Price 2010 £

239,781

Average House Price 2020 £

321,780

10 Year % Change

34%

Market Town

England

County

Region

Average House Price 2010 £

239,816

Average House Price 2020 £

326,787

10 Year % Change

36%

Market Town

England excluding London

County

Region

Average House Price 2010 £

190,183

Average House Price 2020 £

259,151

10 Year % Change

36%

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