First-time buyers get more market town for their money in the Midlands
- Leek, West Midlands is the most affordable market town for first-time buyers, at an average £191,359
- Immingham, Yorkshire and the Humber most affordable for all buyers, at £176,918
- Overall, average house price in market towns now £363,456, up 5% in the last year and 24% in the last five years
- First-time buyers paying an average £280,582 to live in these historic locations, up 2% in the last year and 26% since 2020
- Case study: Amy Flynn, 26, says Bromsgrove – where she bought her first home – has “everything a young couple could need”
Living in the storybook setting of a picturesque market town now costs an average £363,456, up 5% in the last year, according to the latest data from Lloyds.
Living in these historic locations will cost a first-time buyer an average £280,582, up 2% over the last year.
Overall, property price growth in market towns has risen 24% over the past five years, and slightly more for first-time buyers, at 26%. This slightly greater growth may have been influenced by the pandemic, where first-time buyers were able to cast their net wider while searching for a property, following the introduction of support schemes such as Stamp Duty relief. This meant a greater number of properties became an option for first-time buyers, increasing demand in desirable market towns.
What makes market towns popular? Andrew Asaam, Homes Director, Lloyds, speaks about the enduring popularity of market towns for home buyers.
“It’s no wonder market towns have stood the test of time with home-buyers, whether people are stepping onto the first rung of the housing ladder, or are making a move to their next home. These charming locations are filled with historic landmarks and architecture, quaint charm and community spirit, offering a calmer pace of life, often within the reaches of bigger towns and cities. 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 farmer markets, independent shops and community spirit that make these historic places so appealing.”
First-time buyers get more market town for their money in the Midlands
There are more affordable options available for those looking to lay roots in a market town.
First-time buyers in Leek, West Midlands will now pay an average £191,359 and six of the 10 most affordable market towns for first-time buyers can be found in the Midlands.
For all buyers, it is Immingham in Yorkshire and the Humber where buyers money goes furthest, with property prices an average £176,918.
Helping first-time buyer income go further
To help more first-time buyers live in the locations they want to, Lloyds is making an additional £4billion in lending available, by extending First-Time Buyer (FTB) Boost.
FTB Boost now offers 5.5 times loan to income, easing some of the affordability challenges these buyers experience and helping even more customers get the keys to their first home.
“Bromsgrove has everything a young couple could need” – Amy Flynn, 26, made it onto the property ladder in Bromsgrove
“When looking to buy our first home, location was very important to us. We chose Bromsgrove, a market town, primarily for its connectivity, allowing us to easily commute to work and visit family and friends.
“Beyond logistics, we were drawn to the town’s atmosphere. It has plenty of supermarkets, coffee shops, parks, pubs, gyms, barbers, nail salons and lots of charity shops to browse – everything a young couple could need. Plus, the Saturday morning market is an excuse to get out of the house early on the weekend and treat myself to a fresh pastry or bunch of flowers.
“After our university years and busy social lives, having these conveniences and the ability to host friends in our hometown is important to us, to help us entertain and create more memories.
“Being within walking distance of everything we need means we don’t need to spend as much money on petrol or delivery, helping us to save those extra pennies which are very important when navigating bills and expenses for the first time. Choosing Bromsgrove means we can still enjoy a fulfilling lifestyle while managing the financial responsibilities of buying our first home.”
Hitchin priciest pick for first-time buyers
Hitchin, Hertfordshire is the most expensive market town for first-time buyers, with an average price of £410,366.
Amongst all buyers looking for a home in a historic location, Beaconsfield comes out the costliest. A property here, in the South East of England, will set buyers back £839,468 on average.
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