£24,000 premium - Paying the price to live in Shropshire market towns
People living in picturesque market towns in south Shropshire pay a premium for their homes compared to the rest of the county, according to new research.
A study by Lloyds has found that throughout the UK, house buyers pay £24,000 more to live in a market town.
The study, using Land Registry data, covered 113 market towns in England.
They included Ludlow and Church Stretton, and while most of the urban centres in Shropshire are classed as market towns, the figures suggest that the two towns in the survey fit the national picture.
The average selling price in Ludlow in 2015 has been £229,541 – 17 per cent premium on other parts of the county – and in Church Stretton the figure is 39 per cent more than the wider average at £271,577.
The average property in Shropshire sells for £195,552, the Land Registry data showed.
In truth, however, there are more than a dozen market towns in Shropshire, also including Shrewsbury, Wellington, Dawley, Ellesmere and Much Wenlock, meaning that taking two towns as a sample does not provide precise picture of the additional demand for market towns.
Andy Mason, mortgages director at Lloyds Bank, said: "Homes in market towns typically command a significant premium over their neighbouring towns.
"The quality of life benefits often associated with living in such locations are still proving popular among homebuyers.
"Market towns are often particularlyattractive for those looking to move into more idyllic surroundings without sacrificing many of the important amenities they currently enjoy."
Beaconsfield in Buckinghamshire commands the biggest mark-up on properties, with the average selling price of £997,222 standing 189 per cent above the county average of 345,043.
Those in Bakewell in Derbyshire and Wakefield in West Yorkshire both pay double the going rate in the rest of their home counties.
Across the UK, market town properties command an average of 11 per cent more than others.
The figures for the Shropshire towns also found that Ludlow's prices have risen by 11 per cent in the last decade, and those in Church Stretton by eight per cent.
