House buyers paying double in Leeds market town

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HOUSE prices in Wetherby are almost double the West Yorkshire average, according to a new report.

Buyers are paying the second highest premium in the country to live in the popular market town near Leeds, according to research from Lloyds Bank.

The survey found the average house price in Wetherby is £314,863m, which is 99 per cent more expensive than the average £157,847 price of a house in the rest of the county.

The research, based on Land Registry property sales figures, has revealed house prices in market towns are typically £24,766 or 12 per cent higher than those in the surrounding county.

Lloyds looked at house price movements in 113 market towns across England and found that two out of three have an average house price that is above their county average.

Beaconsfield in south Buckinghamshire has the largest house price premium with homes trading at 156 per cent above the county average.

Beaconsfield is the most expensive English market town with an average house price of £822,753.

Wetherby has the next highest premium, followed by Bakewell in the Derbyshire peaks, where homes command a £147,224 premium.

One in eight market towns in the survey has a house price premium of at least £100,000 according to the report.

Outside southern England, Bakewell is the most expensive market town with an average property value of £314,966.

County Durham has three of the least expensive market towns. They are Ferryhill, which has an average house price of just £85,763, followed by Crook at £106,591 and Stanhope at £128,114.

Andy Hulme, mortgages director at Lloyds Bank, said: “Market towns are important hubs of social interaction and cohesion, as well as providers of employment and support for local business.

“Home buyers continue to be attracted to the high quality of life, architecture, history, setting and community spirit offered by market towns and are prepared to pay a premium to live there.”

According to researchers from Savills estate agents, Yorkshire will see an average 16.5 per cent rise in house prices by 2019.

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