Spa town property comes at a premium
Monday, 14 March 2011 3:24 PM
House prices in spa towns across England and Wales are on average £38,000, or 16 per cent, above their local averages, according to new research.
The findings from Lloyds TSB suggest that typical property values in 15 of the 18 spa locations surveyed are significantly higher than those in nearby towns of a similar size.
Boston Spa and Ilkley in West Yorkshire were found to command the highest house price premiums compared to local averages, costing over £150,000, or at least 97 per cent, more than homes in neighbouring destinations.
Currently, only three spa towns have typical prices below their county average: Epsom, in Surrey; Llandrindod Wells, in Powys; and Boston, in Lincolnshire.
Nitesh Patel, housing economist at Lloyds TSB, commented: "Spa towns tend to have a larger stock of period architecture, such as Georgian or Regency, which are often larger and command higher prices.
"Spa towns are also often thought of as having a high quality of life, including excellent schools, lower crime rates, and lesser traffic volumes, all of which drive desirability in these areas and ramp up value.
"It all adds up to a significant success story for the housing market in these areas," he added.
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