Homebuyers Pay £34k More For Market Town Properties

Construction workers may be taking on more jobs involving concrete reinforcement in Yorkshire, after it was revealed that market towns are in demand by homebuyers.

According to data from Lloyds Bank, these areas are so popular that people willingly pay a premium of up to £34,000 to live there.

Indeed, 70 per cent of market towns have house prices above the national average, with 20 per cent being at least £100,000 more expensive.

Mortgages director at the financial services provider Andy Mason said: “Market towns continue to be popular with homebuyers looking for a quality of life associated with country living.”

He added that they provide “idyllic surroundings, history and wonderful homes without compromising on many other important amenities”.

These days, the average price of a house in an English market town is £273,757, having risen by £65,559 over the last ten years.

Yorkshire is home to a few picturesque market towns, including Wetherby, which has the second highest premium compared with the county’s average property value in the UK. Houses in Wetherby are typically £341,618, which is double the average price for West Yorkshire at £171,236.

However, the most expensive market town in the country is Beaconsfield in Buckinghamshire where properties sell for £958,909, with homebuyers willing to spend almost a million pounds for their dream country abode.

Homes in market towns tend to be period properties, in which case there is even more reason for homebuyers to make sure they have a comprehensive survey done on the house before moving in.

However, Churchill Home Insurance recently revealed as many as seven million people buy a home without having a survey done first.