It's 60 per cent more expensive to live in Stamford than the rest of Lincolnshire according to new research by Lloyds Bank
New data released today (Saturday) has revealed that it's more expensive to live in Stamford rather than the rest of Lincolnshire.
New statistics by Lloyds Bank revealed the market towns with the highest premium compared to the average for the county. Stamford was 10th on the list (for the country), where the average house price is £314,423, against the average price for the county of £196,384 - a huge 60 per cent higher.
Homebuyers looking to live in one of England’s picturesque market towns will need to pay on average, a premium of £41,633 or 17 per cent higher than the country average. According to the research from Lloyds Bank, house prices in these areas have grown on average, by 23 per cent in the past 10 years to an average of £290,775, this is nearly eight times more than the average gross earnings of full time workers across England*.
The top nine most expensive market towns in the country were in the South East with the 10th in the South West. These 10 market towns (found in Buckinghamshire, Hampshire, Oxfordshire, Hertfordshire, Bedfordshire, Kent, and Essex) house prices have grown on average 60 per cent since 2008 compared to the average market town growth of 23 per cent..
Beaconsfield in Buckinghamshire, close to the Chiltern Hills and within a 40 minute commute to London, carries the largest house price premium with homes costing 158 per cent (or £644,995) above the county average of £408,980. The most affordable market town can be found further north in Ferryhill, Durham, where the average home will cost buyers £78,317, 93 per cent (£975,658) less than Beaconsfield (£1,053,975).
In the past five years house prices in market towns have risen by an average of £915 per month
The average English market town home has risen by £54,908 from £235,867 in 2013 to £290,775 in 2018. Oxfordshire towns Henley on Thames and Thame had the biggest increase in price since 2013, where the average house price rose by £325,266 (63%) to £838,206 and £189,482 (66%) to £477,664. respectively.
Andrew Mason, mortgages product director at Lloyds Bank, said: "With house prices rising by almost £1,000 a month in the most popular market towns over the past five years, the value put on quality of life and curbside appeal is clear. Homebuyers continue to be attracted to towns on the commuter belt into London and are prepared to pay extra to live there. For home buyers who are looking for market charm, but not necessarily needing to commute to London, the most affordable towns reside in Yorkshire, Lincolnshire and the North.”