Buying a property is a dream for many Britons, with buying in a market town also up there on the list.
A new study by Lloyds Bank has revealed that homeowners actually need to pay £40,000 extra to live in a market town.
The study showed that house prices in English market towns have grown by almost a quarter in the past ten years.
So much, in fact, that homebuyer looking to live in one of England’s picturesque market towns will need to pay a premium of £41,633.
Property to buy: Most expensive market towns in England to live in REVEALED
The extra £41,633 is 17 percent higher than the UL average, with house prices in these towns having grown on average by 23 percent.
This averages at £290,775, which is nearly eight times more than the average gross earnings of full-time workers across the UK.
According to the research, the most expensive market town to live in is Beaconsfield.
Homes in Beaconsfield actually cost 158 percent above Buckinghamshire’s average, with an average of £1,053,975 for a home.
This is largely down to the market town being in the London commuter belt, with home county market towns having seen the highest house price hikes in the past decade.
In fact, the top 10 market towns (found in Buckinghamshire, Hampshire, Oxfordshire, Hertfordshire, Bedfordshire, Kent, and Essex) house prices have grown on average 60 percent since 2008 compared to the average market town growth of 23 percent.
Lloyds Bank revealed the most expensive, and cheapest, market town to live in
Coming in behind Beaconsfield was Henley on Thames, with the Oxfordshire town having an average house price of £838,206.
The third most expensive market town in the UK was named as Alresford, Hampshire, where the average house price is £542,614.
Other towns on the top 10 most expensive list include Cranbrook, Petersfield, Thame and Lewes – all in the South East.
These prices were a stark contrast to the most affordable market towns in the UK, which were also revealed by the survey.
The most affordable market town was named as Ferryhill in Durham, where the average house price is £78,317.
Henley on Thames in Oxfordshire came in second on the list
Also making the top 10 was the town of Lewes in East Sussex
Behind Ferryhill is Immingham in Lincolnshire, where houses can be bought for around £115,765.
Andrew Mason, mortgages product director at Lloyds Bank, commented: “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.
“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.”
Earlier this year, Halifax revealed the most expensive seaside towns in the UK to live in – can you guess?
Market Town County Average House Price 2018*
Beaconsfield Buckinghamshire 1,053,975
Henley on Thames Oxfordshire 838,206
Alresford Hampshire 542,614
Cranbrook Kent 492,333
Petersfield Hampshire 483,222
Thame Oxfordshire 477,664
Lewes Sussex 460,671
Hertford Hertfordshire 449,963
Saffron Walden Essex 441,709
Marlborough Wiltshire 441,296