County Durham Town Sees House Prices Nearly Double in Five Years, Lloyds Data Shows

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House prices in the County Durham town of Crook have surged by 99% over the past five years, according to new data released by Lloyds Bank. The average cost of a home in Crook now stands at £207,250, up from around £104,000 in 2020, nearly doubling in value in just half a decade.

The study, which analysed property prices in 116 market towns across the United Kingdom, found that market town properties are increasingly becoming less affordable. On average, a home in a UK market town now costs £280,000. However, the broader average across all market towns surveyed reached £363,456, marking a 24% increase over the same five-year period.

Andrew Asaam, Homes Director at Lloyds Bank, commented on the findings, saying: “The priciest market towns are amongst the most expensive locations to settle into a home. It’s worth looking beyond the most popular spots, as some market towns are great value for money while offering the farmers’ markets, independent shops, and community spirit that make these historic places so appealing.”

Crook, while still below the national market town average in price, has experienced one of the most significant rises, drawing attention to the shifting dynamics in rural housing markets. Factors such as remote work, lifestyle changes post-pandemic, and regional investment may be contributing to the growing appeal of smaller towns.

In contrast, Northallerton in North Yorkshire was listed as the third most affordable market town for first-time buyers. Average property prices there in the past 12 months were recorded at £201,628, slightly lower than Crook, despite being in a more southern region of England.

The Lloyds Bank report suggests that while some market towns remain relatively accessible, others are rapidly catching up with urban property markets in terms of cost.