Market town house prices defy downturn

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House prices in England’s market towns have risen by nearly £1,000 a month over the last decade, Lloyds TSB said.

The typical price of a market town home has more than doubled from £114,718 in 2001 to £233,416 in 2011, a monthly increase of £989.

Market towns in England have weathered the financial crisis with their house prices generally increasing by 5 per cent since 2007.

Two-thirds of the towns studied have a typical house price that is above their county average.

Lloyds TSB said on average houses in these towns are worth £25,592 or 12 per cent more than their county average. Stanhope in County Durham enjoyed the biggest house price rise of all the English market towns, in terms of the percentage increase over the decade.

Houses were worth around £57,502 there in 2001, but prices increased by 158 per cent over 10 years to reach £148,264.