People pay more for spa town property
Nov 20, 2006
People are prepared to pay a little bit more for the extra quality of life that they feel is available to them through living in a spa town, it has been revealed.
In fact, all 18 spa towns in the UK have higher average house prices than their region, figures from Halifax Estate Agents reveal, while 16 of them have higher house prices than all of the neighbouring towns in their county.
This could be because spa towns tend to rank highly for what Halifax refers to as "key drivers of the quality of life". The study found that 16 out of 18 spa towns were in local authority areas which had larger than average houses, while owner-occupation rates were higher than average in the local authority areas of 15 spa towns.
Traffic levels were lower than average in the local authority areas of 15 spa towns too, and 16 spa towns were in local authority areas with higher than average employment rates. For those tempted by the spa town lifestyle, the most expensive spa town was found to be Epsom in Surrey, with an average house price of £297,354, followed by Tunbridge Wells in Kent with an average price of £277,215.
Llanddrindod in Powys, Wales, was the cheapest spa town with a price of £158,687, followed by Builth Wells, also in Powys, with a price of £173,405. Builth Wells has seen a 144 per cent increase in the average house price in the past five years.
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