First-time buyers (FTBs) were able to get more for their money in market towns in the Midlands, with Leek named as the most affordable, research from Lloyds found.
The average price for a first home in Leek was £191,359, and six of the 10 most affordable market towns for FTBs were in the Midlands.
Among all buyers, Immingham in Yorkshire and the Humber offered the best value for money, with an average property price of £176,918.
The average house price in a UK market town stood at £363,456, up 5% in the past year and 24% over five years.
For FTBs, the average price was £280,582, 2% higher than the year before and up 26% since 2020.
Lloyds said the greater growth for FTBs may have been influenced by the pandemic and support schemes such as Stamp Duty relief, which helped more buyers look further afield.
Andrew Asaam, homes director at Lloyds, said: “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 among the most expensive locations, outside of Greater London, to settle into a home.”
Asaam added: “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.”
Mary-Lou Press, president of NAEA Propertymark, said: “More and more people are looking to relocate to picturesque areas across the UK in order to not only get more for their money, but also be part of a flourishing community within proximity to busier cities for work and social commitments.
“With the average deposit on a home increasing to over £60,000, many buyers, especially those stepping onto the property ladder for the first time, will be casting their nets wider in order to purchase a home that meets their expectations, but for a more affordable price compared to those located in busier cities.”
