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Market town house prices rise fastest

Market town house prices rise fastest

Friday, 3 November 2006 12:00 AM

Almost three quarters of market towns in England have higher average house prices than their neighbouring towns, a study out today shows.

Seven out of ten market towns, defined as rural towns with a population of between 3,000 and 30,000, also have house prices rising faster than the English average as well as their regional average.

The figures, from the Annual Halifax Market Town Review of 111 market towns in England, also highlighted which towns had the fastest rising house prices and the most and least expensive market towns to buy in.

The survey finds the all-important fastest risers are Stanhope in County Durham, up 152 per cent over the last five years, Alford in Lincolnshire, up 147 per cent over the same period and Saltburn by the Sea in County Durham, up 145 per cent.

For the fastest rates of capital growth, investors were best off not investing in the south, as nine of the ten fastest rising prices were recorded in towns outside the south of England. Helston in Cornwall was the exception, with prices growing 138 per cent since 2001.

As for the most expensive, the town of Beaconsfield in Buckinghamshire's average price of £574,211 put it top of the table, with the survey finding the next most expensive town, Winchcombe in Gloucestershire, had average house prices more than £200,000 less at £324,717.

Six of the ten most expensive market towns are in the south-east of England.

The survey finds only two market towns still have an average house price less than £100,000 - Ferryhill in County Durham (£70,932) and Immingham north Lincolnshire (£99,336).

Colin Kemp of Halifax Estate Agents concluded: "Home buyers continue to be attracted to the high quality of life offered by market towns and are prepared to pay a premium to live there.

"Most market towns have higher house prices than other towns in their county and the majority have also seen stronger house price growth than the English average over the past five years."