Residential conveyancing news: Market towns could cost

Posted 30/11/2010

First-time buyers looking to utilise a residential conveyancing solicitor and get a foot on the property ladder may wish to avoid market towns.

According to new research from Lloyds TSB, properties in this kind of conurbation could cost as much as £30,000 more than homes in other areas.

Prices were typically 14 per cent higher than their county average, with buyers having to spend as much as seven times their income to secure a property in such a location.

Beaconsfield in Buckinghamshire was found to be the most costly market town, with house prices there 145 per cent above the local average.

Mortgage broker Melanie Bien from Private Finance said that although homes in market towns are likely to hold their value, buyers should not buy something out of their price range.

“A neighbouring town which is not quite as attractive may be a more affordable option,” she explained.

Despite this, earlier this month, a study from property website Zoopla.com found that it is now cheaper to buy a home than to rent one in 80 per cent of British towns and cities.