PROPERTY HOTSPOTS To market, to market…
Peter Buckingham of Andrew Granger & Co considers the rise in popularity of the market town.
W
e hear much conflicting advice about the state of the property market - from observations on fluctuating
prices to varying predictions for a promising recovery or continuing gloom. However, one sector of the market that seems to be encouragingly healthy one is that of the market town – supported by some fairly compelling statistics. Research from Lloyds TSB at the end of
2011 found that the average house price in market towns had risen by 103 per cent over the past decade, compared to a less spectacular rise of 53 per cent nationwide. Furthermore, over half of the market towns surveyed saw house prices at least double during this time, with some of the largest price increases in the north of England. Stanhope in County Durham recorded the greatest average rise of 158 per cent, whilst Ferryhill, also in County Durham recorded the second largest rise of 155 per cent. So what is attracting people to market towns, and why are prices rising so rapidly in comparison to average national prices?
A SENSE OF HISTORY
Originally, market towns were located by a river or ancient road to facilitate easy access by foot or cart, meaning that transport links have always been a significant part of their location. Historically, to hold a market, permission
was required from the King, so they were also usually places of some political influence. As holding a market is largely a historical tradition carried on through the ages, even our 21st century market towns retain a strong sense of history. It is this sense of history which may also go some way towards accounting for the fact that they are likely to have more independent and specialist shops than are to be found on a more recently constructed high street. Often with a strong agricultural
influence, market towns may be more compact than their purpose built or modern counterparts. They have evolved organically over centuries and are often situated within close proximity to attractive rural areas, but with good transport links to cities. Thus, they offer the homebuyer the best of both worlds: countryside on the doorstep combined with a thriving local economy and easy access to larger settlements for work or recreation.
OUT AND ABOUT
Transport will always be a major factor determining a place’s desirability in the
property market. In order for a town to host a market successfully, the products, vendors and buyers need to be able to access the town with relative ease. Unsurprisingly, the top performing towns in the Lloyds’ survey all have good transport links to their local cities, whilst the construction of numerous town bypasses across the UK have significantly reduced congestion within the town centres.
LOCATION, LOCATION, LOCATION
One of the reasons that the Buckinghamshire town of Beaconsfield has long been considered one of the most desirable places to live (with a price tag to match) is because it is halfway between Oxford and London, so historically was a convenient stop off point for travellers. Nowadays, it still offers great links to London by motorway and rail – and is less than half an hour’s drive from Heathrow airport. Yet this town maintains its air of history and community – and still hosts a market on Tuesdays.
Charming Market
Harborough, with a real sense of history that is still popular today.
18 MARCH 2012 PROPERTYdrum
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