House buyers looking to live in one of England’s picturesque market towns will have to pay a premium of £30,986, new figures show.
Over the past five years, the average market town property has risen 23% from £238,719 in 2014 to £294,772 - equivalent to almost eight times more than the average gross earnings of full time workers across England.
Overall, the average house price in market towns across England is currently £30,986 higher than prices in surrounding county areas, Lloyds Bank said.
Northern market towns have been seeing the biggest house price jumps over the past year.
Ferryhill in Durham and Seahouses in Northumberland have seen the biggest average house price increases, both at 23%, followed by Market Bosworth in Leicestershire (14%).
Despite the price jump, Ferryhill was identified as England's least expensive market town, with an average house price of £96,319.
In the same county, the market town of Crook will set buyers back £110,213, followed by Immingham in Lincolnshire where a home will cost £124,220.
Meanwhile, Beaconsfield in Buckinghamshire, which is within commuting distance to London, is England's only million-pound market town - with average house prices at £1,031,529.
Andrew Mason, Head of Mortgages, at Lloyds Bank, said: "There are many reasons why homebuyers continue to pay a premium for market town properties; the idyllic surroundings of these close knit communities make them the perfect place for many.
"Although the premium has dropped; those after this lifestyle are still likely to be faced with a compromise. In the market towns of Beaconsfield and Wetherby, potential buyers will have to double their budget, compared to what they could get in the surrounding counties. Therefore, it’s important to consider how much you value market town living, and whether the premium is worth it to you."
10 most expensive market towns
1. Beaconsfield, Buckinghamshire, £1,031,529
2. Henley-on-Thames, Oxfordshire, £797,436
3. Alresford, Hampshire, £587,746
4. Midhurst, Sussex, £523,295
5. Thame, Oxfordshire, £484,537
6. Petersfield, Hampshire, £480,743
7. Cranbrook, Kent, £477,398
8. Lewes, Sussex, £471,337
9. Hertford, Hertfordshire, £466,519
10. Saffron Walden, Essex, £457,835
Market towns with the lowest average house prices
1. Ferryhill, Durham, £96,319
2. Crook, Durham, £110,213
3. Immingham, Lincolnshire, £124,220
4. Saltburn by-the-Sea, Durham, £148,335
5. Stanhope, Durham, £150,295
6. Tickhill, Derbyshire, £157,357
7. Guisborough, North Yorkshire, £172,518
8. Boston, Lincolnshire, £173,232
9. Berwick-upon-Tweed, Northumberland, £177,106
10. Goole, East Riding, £178,670
