Least expensive market towns in England REVEALED – would you live in one?

Owning a home – particularly one in a market town – is something many Britons aspire to.

It’s often believed market towns are very expensive locations to live in England.

A new study by Lloyds Bank has revealed that homeowners actually need to pay £40,000 extra to live in a market town.

However, not all of England’s picturesque market towns are unaffordable to homebuyers with some boasting more reasonable house prices

The study revealed where in England the least expensive market towns can be found.

Ferryhill in Durham was unveiled as the number one most affordable market town by Lloyds.

The average house price of a property in Ferryhill is 2018 is £78,317, according to the Land Registry.

The town is seven miles south of the city of Durham and boomed with the development of coal mining. It holds a weekly market every Friday.

The second least expensive market town in England is Immingham in Lincolnshire.

A property here goes for the average price of £115,765, revealed Lloyd’s research.

Only slightly more expensive was Crook in Durham with an average house price of £115,975.

Fourth and fifth place in the list were also occupied by Durham market towns.

In Saltburn the average house price is £142,849 and in Stanhope it’s £146,126.

Tickhill in Derbyshire, Guisborough in North Yorkshire and Marsden in West Yorkshire also featured in the top 10.

In ninth and tenth place respectively were Boston in Lincolnshire and Berwick-upon-Tweed in Northumberland.

The research revealed that 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.

“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 is clear,” said Andrew Mason, mortgages product director at Lloyds Bank.

“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.”

The study also revealed where in the UK the most expensive market towns can be found.

10 Least Expensive Market Towns 2018 (by average house price)

Ferryhill, Durham – 78,317

Immingham, Lincolnshire – 115,765

Crook, Durham – 115,975

Saltburn, Durham – 142,849

Stanhope, Durham – 146,126

Tickhill, Derbyshire – 147,761

Guisborough, North Yorkshire – 153,966

Marsden, West Yorkshire – 155,439

Boston, Lincolnshire – 159,403

Berwick upon Tweed, Northumberland – 165,437