Winners and losers in rural house price stakes

by Property118.com News Team

13:52 PM, 3rd December 2010
About 10 years ago

Winners and losers in rural house price stakes

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Winners and losers in rural house price stakes

Property prices in small market towns outstrip those of most nearby towns and cities by an average of £30,000, according to Lloyds TSB.

House prices in English market towns are, on average, £29,319 (14%) higher than the surrounding counties.

More than two out of three (69%) market towns have higher house prices than neighbouring towns.

Beaconsfield, Buckinghamshire is the top performer with houses trading at 145% above the average house price in the county. The average house price is £736,585. Another 18 towns have average prices of more than £300,000. 

Wetherby has the next highest premium with prices of £311,140, which are 99% above the West Yorkshire average. 

Ferryhill in County Durham is the least expensive market town with an average house price of £98,799. Ferryhill is the only town with an average house price below £100,000. 

Only 10 market towns have an average house price below £150,000. Three out of the 10 most inexpensive market towns are in County Durham. 

The average house price in market towns is £231,163 at 7.1 times the average gross annual earnings. 

Martin Ellis, of Lloyds TSB, said: “Homes in market towns command a significant premium over their neighbouring towns with the quality of life benefits often associated with living in such locations still proving popular among homebuyers. Market towns are often particularly attractive for those looking to move into more idyllic surroundings without sacrificing many of the important amenities they currently enjoy.” 

A similar survey by the Bank of Scotland for rural areas north of the border reveals the average house price in rural Scotland rose by 130% (£93,561) from £71,872 in 2000 to £165,433 in 2010 – equivalent to a weekly increase of £180. 

The most expensive rural local council area is East Lothian, with an average house price of £210,750, which is 27% above the Scottish rural average of £165,433. East Ayrshire (£107,515) is the least expensive. 

Suren Thiru, housing economist at Bank of Scotland, said: “With the lifestyle benefits associated with residing in the countryside still resonating with homebuyers, rural properties continue to trade at a significant premium to homes in urban areas.”



Comments

14:05 PM, 7th December 2010
About 10 years ago

[...] This post was mentioned on Twitter by QandA Research, Miller Research. Miller Research said: Good news for market towns - if you live in one already! New research from Lloyds TSB shows value of small towns. [...]

Frances Watts

21:33 PM, 7th December 2010
About 10 years ago

Selective licensing.
We are losers in the house price stakes. We have properties in Cliftonville, Margate. Property prices have dropped sharply , rents have fallen steeply, there's high unemployment, poor communications and much antisocial behaviour. All has deteriorated in the last two-three years
Now the council, backed by the local MP., are determined to impose a Selective Licensing scheme. this will mean £500 per property payable by the landlord.
This is meant to:
Reduce antisocial behaviour
Increase owner occupancy
Get rid of bad landlords.
Increase property values
The council and the MP won't describe the sequence of events that lead from the imposition of the tax to high owner occupancy, no antisocial behaviour, Decent tenants, Decent rents' higher property prices
The proposed scheme in Cliftonville is likely to render our properties unsaleable.
Perhaps an article on Selective Licensing schemes would be informative.

21:52 PM, 7th December 2010
About 10 years ago

Hi Frances

I'm sorry to hear that you are in this position.

We'll see what we can do with regards to your suggested article. Perhaps you would like to write one? You never know, solutions maybe offered that help your position. In the meantime, thank you for your suggestion.

If you would like to contribute an article, please email me; mra@themoneycentre.com

Regards

Mark Alexander

10:10 AM, 8th December 2010
About 10 years ago

Yes I also feel such a discussion would be helpful getting views from experts in law and LLs who are in this position at present to find if such a scheme is 1)indeed legal and 2) if it does improve an area at all.
I am also under this umbrella in the Sunderland area and I feel that the local Council and Police should be looking after areas regardless. If one is a repeat offender in an area then the Council should not pay their rent and use whatever means neccessary and move them on

10:23 AM, 8th December 2010
About 10 years ago

Hi James

Interesting points and potentially very controversial. We like that!

I guess the big question is where do these people get moved on to? Deportation isn't really an option these days.

Regards

Mark


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