Spa town house price premium

House prices in spa towns in England and Wales are an average of 16 per cent above their county’s average at £274,809, according to Lloyds TSB.

And Buxton is in the top ten of spa towns which have seen the highest house price increases in the first decade of the century.

Research by the bank showed that spa town properties are on average £38,000 more expensive than other towns in the same county, with 15 of the 18 spa towns surveyed revealing significantly higher prices than their neighbouring towns.

The average house price in Buxton in 2000 was £81,938 – but by by 2011 it was £175,875, an increase of 115 per cent, the research claims.

Boston Spa and Ilkley in West Yorkshire have the highest house price premium at 98% and 97% respectively or just over £150,000 more than their county average.

However, three spa towns have average house prices below their county average: Epsom in Surrey (-5%), Llandrindod Wells in Powys (-7%) and Boston in Lincolnshire (-15%).

Nevertheless, Epsom is the most expensive spa town in the country, with average house prices of £357,837.

Period housing forms a larger part of spa towns, with the average age of housing stock 67 years, compared to 54 for the UK.

Nitesh Patel, housing economist at Lloyds TSB, said: “Spa towns tend to have a larger stock of period architecture, such as Georgian or Regency, which are often larger and command higher prices.

“Spa towns are also often thought of as having a high quality of life, including excellent schools, lower crime rates, and lesser traffic volumes, all of which drive desirability in these areas and ramp up value.

“It all adds up to a significant success story for the housing market in these areas.”