Traditional market towns 'beating crunch'

Homes in traditional market towns are unlikely to be affected greatly by the credit crunch, it has been suggested.

According to the Halifax, 67 per cent of such locations have larger average house prices than other towns close to them, news that may interest those searching for mortgages.

In the last five years, the organisation added that 60 of the areas researched recorded growth above the national average of 55 per cent.

The bank's chief economist Martin Ellis said that these areas are popular for a number of reasons.

"Home buyers continue to be attracted to the high quality of life, architecture, history, setting and community spirit offered by market towns and are prepared to pay a premium to live there," he commented.

On average, the price of a home in Beaconsfield, Buckinghamshire stood at £704,724 in March this year, Halifax added.

Market towns rose to prominence in the medieval period and were successful because locals sold products usually grown in the surrounding area.