1:00 AM 25th January 2024
The Two Towns 350 Miles Apart With Identical Names And Housing Markets
Image by Steve Buissinne from Pixabay
New market analysis by estate agent comparison site, GetAgent.co.uk, reveals that St. Ives in Cornwall and St. Ives in Huntingdonshire share almost identical house prices, as well as the same name, despite being 350 miles apart. Elsewhere, the price difference between towns with identical names reaches as high as 200%.
The company has analysed the latest house price data for 18 pairs of towns and cities in England that share the same name (36 locations in total) to reveal how prices differ between these locations with the same name.
For such a small island, the UK has a surprising number of towns and cities that share the same name. House prices in some of these twin towns, however, can be vastly different, illustrating just how important it is to consider localisation when analysing the health of the UK housing market.
Across the 18 different pairings, the average price difference comes in at 65%, or £138,568.
However, between some of these same-name pairings, the price difference is revealed to be wildly different.
Image by Pexels from Pixabay
Take Barnsley for example. In the Yorkshire town, the average house price is a modest £169,563. But in its Cotswold namesake, the average home will cost you £516,434. A difference of 205%, or £346,871.
In Ripley, Derbyshire, houses cost £227,386, while the average in Ripley, Hampshire is 133% higher at £529,261.
The difference between prices in Barnston in Essex (£474,097), and Barston in Merseyside (£210,969) is 125%, while the difference between prices in Ingleton, North Yorkshire (£279,957) and Ingleton, County Durham (£128,377) is 118%.
But not all namesake towns and cities have such differing housing markets.
St. Ives in Cornwall (£316,045) and St. Ives in Huntingdonshire (£317,586) may be 350 miles apart, but the difference in local house prices is negligible at just 0.5%.
Meanwhile, the two Newports of Wales (£234,723) and Shropshire (£224,639) lie 124 miles apart and have a price difference of just 4.5%.
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:
Data tables and sources can be viewed online, here.
“We think of our nation as a small island due to its footprint being dwarfed by global behemoths such as America and China, and even European countries like France. So when we think of the UK housing market, we often see it as one single entity, a narrative that is often pushed by the media and industry commentators.
"But in reality, the UK market is made up of many smaller, local markets, each of which presents very different house prices and performance. Hence we can have two areas with the same name that share almost identical property prices, and another pair with a difference of 200%.
"This is an important thing for buyers and sellers to consider as we move into a new year in which ‘the housing market’ is expected to thrive after a tricky 2023. Don’t make decisions based on any depiction of the national market, use information focussed specifically on your local area.
"The best way to do this is to take the time to do your own research on price and performance in your chosen area, and then hire a great local agent who knows the local market inside out and can guide you through your journey using a wealth of knowledge and experience specific to your concerns.”