Britain's cheapest market towns where first home buyers can pay less than £200k

New homes in market towns will set first-time buyers back £280,582 on average, according to new research.

Across England and Wales, the typical amount paid by first-time buyers for a home in a market town has increased by 2% annually and by 26% since 2020, according to Lloyds, which used data from Halifax, part of the same banking group. Leek in Staffordshire in the West Midlands was identified as the most affordable market town for first-time buyers in the study, with an average property price of £191,359.

Six of the 10 most affordable market towns for first-time buyers in the study are located in the Midlands. Hitchin in Hertfordshire was identified as the most expensive market town for first-time buyers, with an average price of £410,366. It comes after a writer claimed ‘I tried butter from Tesco, Aldi, Lidl and big brands - and the winner is not Lurpak’.

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The average house price in market towns was put at £363,456, up 5% in the past year and 24% in the past five years. The research tracked house prices across 116 market towns.

Beaconsfield in Buckinghamshire was identified by Lloyds as the most expensive market town for all buyer types, with an average price of £839,468. Nearby Chesham and Amersham were identified in a separate study by L&G this week as Britain's best places to retire.

Cheapest market towns, average first-time buyer house price in the 12 months to May 2025:

Leek, West Midlands, £191,359

Chesterfield, East Midlands, £198,054

Northallerton, Yorkshire and the Humber, £201,628

Selby, Yorkshire and the Humber, £202,092

Driffield, Yorkshire and the Humber, £203,160

Boston, East Midlands, £211,404

Buxton, East Midlands, £224,896

Newport, South Wales, £227,784

Sleaford, East Midlands, £229,197

Grantham, East Midlands, £230,464

Most expensive market towns for first-time buyers:

Hitchin, East of England, £410,366

Altrincham, North West, £404,864

West Malling, South East, £396,925

Hertford, East of England, £392,310

Saffron Walden, East of England, £363,960

Wimborne, South West, £361,591

Market Harborough, East Midlands, £353,250

Chipping Norton, South East, £353,077

Didcot, South East, £352,919

Thatcham, South East, £349,602