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Spa towns more expensive to find a mortgage in, study shows

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Spa towns such as Epsom, Harborough and Bath are among the most expensive places to find a mortgage in the UK, according to research.

New residents of the 18 spa towns will pay more for their mortgage than borrowers in nearby regions, while 16 of the locations have higher house prices than neighbouring towns, a study from Halifax has revealed.

However, the bank claims that higher quality of life in these house price hotspots means that many borrowers are still happy to pay more for their mortgage.

Factors such as low traffic, high employment and large properties have all helped to boost the mortgage market in these towns - reflected by the average house price being over �200,000.

Colin Kemp, managing director of Halifax Estate Agents , commented: Spa towns are clearly popular with home buyers with their house prices usually trading at a premium to nearby towns.

He added that the average price paid by borrowers in Builth Wells, in Powys, has jumped by almost 150 per cent since 2001.

Another recent study conducted by Halifax found that market towns such as Beaconsfield are among the most expensive in which to find a mortgage.

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