This pretty market town doesn’t come with a cheap price tag for those looking to purchase their first home there. The town, in Hertfordshire, is home to scenic streets, vibrant shopping, plenty of restaurants, and a range of attractions, making it a sought-after spot for a home.
Market towns will set first-time buyers back £280,582 on average, analysis by a major bank indicates. Across England and Wales, the typical amount paid by first-time buyers for a home in a market town has increased by 2% annually and by 26% since 2020, according to Lloyds, which used data from Halifax, part of the same banking group.
Research revealed the UK’s most expensive market town for first-time buyers. With its commuting links to London, Hitchin in Hertfordshire took top spot.
A home in the area comes with a hefty price tag, at an average price of £410,366.
Muddy Stillettos says: “Hip Hitchin is a beautiful market town in North Herts, built on the banks of the River Hiz.
“It’s historic – with narrow winding streets, gorgeous architecture, and a traditional market square – but also oh-so-trendy.
“There’s also plenty of green space in which to sit with your high-end coffee and watch the world go by. Oh, and the commute to London or Cambridge is a cinch.”
In contrast, Leek in Staffordshire was identified as the most affordable market town for first-time buyers in the study, with an average property price of £191,359.
Six of the 10 most affordable market towns for first-time buyers in the study are located in the Midlands.
Andrew Asaam, homes director, Lloyds, said: “That ‘best of both worlds’ feeling has led to house prices in these areas holding up.
“In fact, the priciest market towns are amongst the most expensive locations, outside of Greater London, to settle into a home.
“It’s worth looking beyond the most popular spots as some market towns are great value for money while offering the farmers’ markets, independent shops and community spirit that make these historic places so appealing.”