MARKET FORCES
Houses in market towns are highly desirable, but you don’t always have to pay above the odds
THE BUSTLE, the charm, the shops — these are a few of our favourite things about market towns. But what we are not so keen on is having to pay a premium of 150 per cent or even more to live in them.
According to a Lloyds Bank survey, market town house prices can be two-and-a-half times those in the surrounding county, while even the average market town home carries a premium of £24,766 or 12 per cent.
The extra price is scarcely surprising. Almost all market towns have a semi-rural feel and are characterised by specialist independent shops, a central square — often hosting a real market — and a self-sufficient infrastructure of doctors’ surgeries, schools and transport.
Beaconsfield in Buckinghamshire tops Lloyds’ list of 113 towns, with a typical house at a whopping £822,753, some 156 per cent above the county average. Next is Yorkshire’s Wetherby with a 99 per cent premium and then Bakewell, Derbyshire, on 88 per cent.
‘Market towns are important hubs of social interaction. Buyers continue to be attracted to the architecture, history, setting and community spirit,’ says Lloyds’ Andy Hulme.
And with the Chancellor in a generous mood over Stamp Duty, this could be the time to look at these lesser known market towns, offering some of the best value in the country.
TAVISTOCK, DEVON
YOU pay an average £236,356 for a home here, 21 per cent above the county norm says Lloyds. But in return you get a town with an edge.
McDonald’s shut up shop back in 2006 when locals staged a boycott, and last week, as Britain endured the Black Friday shopping crush, Tavistock shops, instead, held a Dickensian evening.
‘Not being on the coast is a huge advantage when it comes to price — good homes here really are affordable and there aren’t many second homes,’ says Gideon Sumption of Stacks Property Search, a buying agency. ‘There’s a genuine warmth from people here who understand the rural lifestyle,’ is how Nick Henderson, of estate agency Mansbridge & Balment, puts it.
MIDDLETON ST GEORGE, CO. DURHAM
DESPITE an eye-watering 72 per cent premium, an average home here is just £219,748.
‘It’s grown with new developments, but it’s popular for young families thanks to good local schools and convenience for Darlington and Yarm,’ says Melissa Lines, of agency Smiths Gore.
The town has its own railway station, is located close to Durham Tees Valley Airport and the A1(M), while the East Coast Mainline rail service from nearby Darlington takes less than two- and- a- half hours to London.
WINCHCOMBE, GLOUCESTERSHIRE
‘THIS is a thriving town, with warmtoned Cotswold stone cottages, tea shops, good local amenities and traditional medieval architecture,’ says Tom Banwell, of Knight Frank.
‘It’s not on the tourist trail like neighbouring Broadway, Stow and Bourton-on-the-Water. Therefore, it retains country values, ideally suited to families and independent thinkers,’ says Jennifer Jeffreys, of Fine & Country.
This explains why although they sell for a hefty 61 per cent above the Gloucestershire average, a home in Winchcombe is still modestly priced at £386,613.
FRAMLINGHAM, SUFFOLK
PRICES have risen 13 per cent in this town in just a year to £305,603 — that’s about £60,000 above the county average.
‘It’s a real honeypot. It has a yearround community with few second homes, something you don’t find in Aldeburgh for example. Meanwhile, Framlingham College School attracts buyers from much further afield,’ according to Tim Dansie, of Jackson-Stops & Staff.
SAFFRON WALDEN, ESSEX
AN AVERAGE home has soared 59 per cent in the past decade, despite the downturn, taking it to £381,915.
‘Homes attract a premium of 10 to 20 per cent. It’s a magnet for families looking for good schools, and newbuild properties are popular within walking distance of the town centre, new concert hall and cinema,’ says David Emberson, of Mullucks Wells.
‘Excellent schools include Dame Bradbury’s, Friends’ School and Saffron Walden County High School. It’s more affordable than the expen- sive villages surrounding Cambridge,’ says Cameron Ewer, of estate agency, Strutt & Parker.
The town also has great transport links with Stansted Airport.
SHEPTON MALLET, SOMERSET
HERE, the average price of a home has risen 14 per cent in the past year, but is still a snip, at £235,746. The Somerset average is now £170,144, says the Land Registry.
‘A large part of our market serves buyers from London and the Home Counties, downsizing and retiring. Shepton Mallet is surrounded by attractive countryside with close proximity to Bath and Bristol,’ says Tim Simmons, of Humberts.
These days even market towns cannot escape international interest — other agents report London-based Chinese buyers looking to rent or buy here, which is a short drive from the 90-shop retail park, Clarks Village.