New research from estate and lettings agent Barrows and Forrester has revealed that house price growth in England’s historic towns is surpassing that of its post-1946 ‘new’ towns. Interestingly, these ancient settlements still offer greater affordability for modern homebuyers.

Barrows and Forrester analysed the last year’s property market data from 15 historic areas and compared it with data from 15 towns established since 1946.

The study reveals that the average property price across these historic markets has increased by 8.2% in the last year, bringing the average house price to £274,466. All 15 historic towns witnessed price growth in the past year, with seven of them seeing growth reach into double digit percentages.

Exeter led the way as the historic town with the greatest growth, where prices have surged by 11.9% to an average of £336,213. Other towns like York (11.5%), Shrewsbury (11.2%), Lancaster (11%), Canterbury (10.7%), Durham (10.3%), and Chester (10.1%) also reported excellent performance.

In stark contrast, the 15 towns created since 1946 experienced an annual price growth of 7.6%, with only one location, Telford, seeing double-digit growth. Telford’s property values have rocketed by 12.7% in the last 12 months to reach an average house price of £231,785.

While not breaking the 10% threshold, Peterborough (9.7%), Runcorn (9.6%), Corby (9.4%), and Hemel Hempstead (9%) all showed positive annual growth.

Despite the lower price growth, England’s newest towns are still more expensive than its historic equivalents. The average price across the 15 new towns is £310,726, compared to £274,466 for homes in areas steeped in history.

James Forrester, Managing Director of Barrows and Forrester, noted:

“Our country has a remarkable depth of history, and we’re incredibly lucky to boast such storied towns and cities. But as our population has expanded, we’ve also had to add some brand new habitations to the mix.”

He explained the price disparity, stating, “Prices in our historic towns have outperformed new towns because of two major factors – our historic towns are hugely desirable, often beautiful locations where culture abounds, and stock is limited due to finite space for new developments.”

He added, “However, our new towns continue to command higher house prices because there is a greater abundance of new-build stock, which tends to be more expensive than older property. Meanwhile prices in these new towns aren’t growing as quickly because there is more space for stock levels to expand, thus keeping demand manageable.”