Historic towns home to a higher rate of house price growth
According to research by estate and lettings agent, Barrows and Forrester, the average property price across these historic bricks and mortar markets have climbed by 9.4% in the last year, with the average house price currently at £251,841.
After analysing property market data over the last year across 15 historic pockets of the property market, the research shows that as many as eight of these locations have seen annual house price growth breach the double-digit threshold over the last year.
Durham is the historic area to have enjoyed the biggest jump in property prices, up 16 percent in the last 12 months.
Lincoln has placed joint-seventh in the table, with a 10 percent growth alongside Salisbury and Bath.
Exeter has also seen a notable rate of annual growth at 14 percent, with Oxford (12 percent), Lancaster (12 percent), and Canterbury (11 percent).
Norwich has seen the lowest rate of historic town house price appreciation, but even still, prices have climbed three percent in the last 12 months.
In contrast, the 15 towns that have been created in the last 75 years have seen an average annual rate of growth of just 5.1 percent.
At £269,179 on average, the cost of buying in a ‘new’ town is also seven percent higher than when compared to the current average across the historic property market.
Managing Director of Barrows and Forrester, James Forrester, commented: “We’re incredibly lucky to live in a country that’s steeped in such a rich history and as a result, we have some beautiful historic towns and cities in all areas of the property market. There are also plenty that have been formed fairly recently due to a sharp uplift in the population and the requirement for more homes and it’s interesting to see how the two differ where property values are concerned.
"Of course newer towns, with newer housing stock are likely to command a higher price in general, but our research shows that historic towns have been largely preferred over the last year, at least, with house prices climbing at a far greater rate.”