A HERFORDSHIRE market town has had one of the fastest increases in house prices over the past year.

Prices in Ledbury, where the average home costs £ 300,604, have risen 10 per cent – the 10th largest increase in market property prices in the country.

Home buyers looking to live in England's market towns face paying a premium of nearly £ 31,000, a report by Lloyds Bank has found.

At £ 294,772, the average house price across market towns across England is £ 30,986 higher than house prices in surrounding county areas.

Northern market towns have been jumping over the past year.

Ferryhill at Durham and Seahouses in Northumberland have seen the largest average house price increase in Lloyds' study over the past year, both at 23 per cent, followed by Market Bosworth in Leicestershire (14 per cent).

Despite the price jump, Ferryhill was identified as England's least expensive market town, with an average house price of £ 96,319.

Meanwhile, Beaconsfield in Buckinghamshire, which is within commuting distance to London, is England's only million-pound market town – with average house prices at £ 1,031,529.

Andrew Mason, head of mortgages at Lloyds Bank, said: "There are many reasons why home buyers continue to pay a premium for market township properties; the idyllic surroundings of these close knit communities make them the perfect place for many."

Lloyds Bank uses Land Registry.

Here are the 10 most expensive market towns according to Lloyd's Bank, with the average house price:

  1. Beaconsfield, Buckinghamshire, £ 1,031,529
  2. Henley-on-Thames, Oxfordshire, £ 797,436
  3. Alresford, Hampshire, £ 587,746
  4. Midhurst, Sussex, £ 523,295
  5. Thame, Oxfordshire, £ 484,537
  6. Petersfield, Hampshire, £ 480,743
  7. Cranbrook, Kent, £ 477,398
  8. Lewes, Sussex, £ 471,337
  9. Hertford, Hertfordshire, £ 466,519
  10. Saffron Walden, Essex, £ 457,835

Here are the market towns where home buyers pay the highest premiums compared to Lloyds Bank, with the average house price in each market followed by the premium in percentage and cash terms:

  1. Beaconsfield, Buckinghamshire, £ 1,031,529, 153 per cent, £ 623,895
  2. Wetherby, West Yorkshire, £ 372,991, 100 per cent, £ 186,148
  3. Henley-on-Thames, Oxfordshire, £ 797,436, 93 per cent, £ 384,916
  4. Southwell, Nottinghamshire, £ 349,335, 80 per cent, £ 155,049
  5. Bakewell, Derbyshire, £ 364,672, 78 per cent, £ 159,261
  6. Alresford, Hampshire, £ 587,746, 77 per cent, £ 255,995
  7. Stamford, Lincolnshire, £ 356,673, 77 per cent, £ 154,735
  8. Altrincham, Cheshire, £ 443,690, 76 per cent, £ 191,867
  9. Keswick, Cumbria, £ 329,647, 74 per cent, £ 140,235
  10. Middleton St George, Durham, £ 224,204, 61 per cent, £ 85,186

And here are the market towns with the lowest average house prices, according to Lloyds Bank:

  1. Ferryhill, Durham, £ 96,319
  2. Crook, Durham, £ 110,213
  3. Immingham, Lincolnshire, £ 124,220
  4. Saltburn by-the-Sea, Durham, £ 148,335
  5. Stanhope, Durham, £ 150,295
  6. Tickhill, Derbyshire, £ 157,357
  7. Guisborough, North Yorkshire, £ 172,518
  8. Boston, Lincolnshire, £ 173,232
  9. Berwick-upon-Tweed, Northumberland, £ 177,106
  10. Goole, East Riding, £ 178,670

Here are the 10 market towns with the fastest increase in the past year, according to Lloyds Bank, with the average house price followed by the increase:

=. 1 Ferryhill, Durham, £ 96,319, 23 per cent

=. 1 Seahouses, Northumberland, £ 237,821 23 per cent

Market Bosworth, Leicestershire, £ 340,027, 14 per cent

Midhurst, Sussex, £ 523,295, 12 per cent

= 5th Shepton Mallet, Somerset, £ 280,456, 11 per cent

= 5th Marsden, West Yorkshire, £ 186,234, 11 per cent

= 5th Thatcham, Berkshire, £ 433,994, 11 per cent

=. 8 Malmesbury, Wiltshire, £ 402,670, 10 per cent

=. 8 Morpeth, Northumberland, £ 234,279, 10 per cent

=. 8 Ledbury, Herefordshire, £ 300,604, 10 per cent