House prices 'surge' in rural market towns

03-Nov-2006

House prices in the UK's rural market towns are exceeding prices in nearby locations, potentially affecting first time buyers, research claims.

According to a study by Halifax, 73 per cent of houses in rural towns have comparatively higher house prices, potentially making properties in these locations unaffordable for first time buyers.

Average house price inflation in more rural locations has outstripped the English average by as much as 70 per cent, the study claims.

"Home buyers continue to be attracted to the high quality of life offered by market towns and are prepared to pay a premium to live there," said Colin Kemp, a representative from Halifax Estate Agents.

"Most market towns have higher house prices than other towns in their county and the majority have also seen strong house price growth than the English average," he added.

Among its findings, the study identified that around 30 market towns in England have an average house price of more than £250,000, while a further 57 have an average house price in excess of £200,000.

The least expensive market town was identified as Ferryhill in County Durham, with average house prices of just over £70,000.

Halifax is a UK-based provider of a number of financial services, including mortgages and personal loans.

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