Banbury might not have the Regency splendour or café culture of Leamington Spa, but it does have market-town charm. Plus, you get more house for your money while still being able to commute to London Marylebone in 50 minutes and Birmingham New Street in 40. It’s handy for several respected state and private schools, too, including St John’s Priory, Bloxham, Tudor Hall and Winchester House.

Average price: Banbury, £271,444; Leamington Spa, £383,718

_{For sale: converted historic inn with six bedrooms and six acres of land, £695,000 (struttandparker.com)}

2. Berkhamsted - Harpenden for less

Just 26 miles north-west of London, Berkhamsted enjoys green belt status in the Chiltern Hills and has different housing stock to the wealthier commuter towns of Harpenden and Beaconsfield. Surprises include a canal, a Canadian totem pole and the fact that the author Graham Greene attended Berkhamsted School.

Oliver Beales, partner at Knight Frank Berkhamsted, says: “With a good spread of homes between £250,000 and £2 million, it has been relatively undiscovered until recent years."

Average price: Berkhamsted, £787,589; Harpenden, £990,471

_{For sale: Grade-II listed, two-bedroom cottage with pretty gardens and good transport links, £450,000 (knightfrank.co.uk)}

3. Chesham - half the price of Beaconsfield

Situated in the Chess Valley, Chesham is in an ideal location for those who enjoy rural pursuits, have families, or are young professionals climbing the property ladder. It’s also an attractive market town where, on average, you can buy a property at about half the price of its well-heeled neighbour, Beaconsfield, which is just a pony trot away.

Average price: Chesham, £593,268; Beaconsfield, £1.151m

_{For sale: spacious, detached five-bedroom home built in 2008, £1.2m (savills.com)}

4. Evesham - cheaper than Cheltenham

Families are kept busy, with parks by the river, walks along the blossom trail in the spring and a plethora of sporting facilities, from rowing to bowls. Local schools, such as Bengeworth Academy, have solid Ofsted reports. The town’s value-for-money housing stock makes it popular with retired people, too. As for communications, the M5, M40, M42 motorways link it to the rest of the UK, while London Paddington can be reached by train in under two hours.

Evesham’s house prices have fallen or remained static since 2007, whereas nearby Cheltenham Spa and Stratford upon Avon have continued to improve, but now could be a good time to buy.

As Tom Cumberland, senior negotiator at Hamptons International Broadway, says: “The town is starting to be recognised as up-and-coming, particularly by high street brands such as Waitrose, which has had an application passed to develop a new store in the centre.”

Average price Evesham, £279,230; Cheltenham, £401,630

_{For sale: rebuilt 19th-century cottage and barn with superb views. £1.1m (hamptons.co.uk).}

5. Newbury - Oxford on a shoestring

Newbury is as well-placed for commuters as pricier neighbour, Oxford. The M4 and A34 act as crossroads, while trains reach London Paddington in under an hour. This will improve further when the Great Western mainline is updated in 2016. Choice of state schools is reportedly good, while private schools include Prince Charles’s alma mater, Cheam.

It is a hub for investment buyers, too. Short-term workers at blue-chip companies in the area, such as Vodafone and Sony, are creating demand for buy-to-lets.

Average price: Newbury, £411,744; Oxford, £654,274

_{For sale: detached, thatched cottage with four bedrooms, Aga and heated indoor pool, £1.5m (hamptons.co.uk)}

6. Petersfield - lower-cost Winchester

Notable schools in this vibrant market town include Churchers College and Bedales. Shopping is good and there is a selection of cafés, pubs and restaurants. Walkers can strike out into the South Downs, or get a head start on heading to the beach.

Commuting is almost as easy as it is from Winchester, with a mainline fast train to London Waterloo. It is also on the A3 dual-carriageway that shoots up to London via the Hindhead tunnel.

Average price: Petersfield, £615,609, Winchester, £628,134

_{Grade-II listed Dumpford Farmhouse has six bedrooms, five receptions, an annex and views across the South Downs, £1.195m through knightfrank.co.uk.}

7. Stroud - an affordable Cheltenham

Fans of this market town reckon its steep streets exude an independent spirit. There’s certainly an arty atmosphere, bolstered by its café culture and annual fringe and textile festivals. Unsurprisingly, the property market is buoyant – it’s less expensive than Cirencester, Cheltenham and Oxford, yet offers similar pulling points.

Average price Stroud, £324,009, Cheltenham, £401,630

_{Signpost Cottage, built in 1720, with four bedrooms and outbuildings, £440,000 through Knight Frank.}

8. Taunton - Bristol on a budget

It may not be as edgy as Bristol, but Taunton is a great jumping off point for the West Country and there is steady demand for its wide range of property. It’s also just 1 hour 45 minutes into London Paddington station, and will be faster when the line is modernised in 2016. Bristol is only 40 minutes away by train and Exeter 25 minutes. Access to the M5 is quick for commuters, too.

Average price: Taunton, £298,187; Bristol, £330,597

_{For sale: Ford House, a Grade-II listed property near Taunton. Nine bedrooms, six receptions and a swimming pool. Plus, close to breathtaking scenery of the Quantocks and Exmoor, £1.65m through Knight Frank.}

9. Tonbridge - an affordable Tunbridge Wells

Investment in the area is making Tonbridge a town to watch. Check out the cosmopolitan vibe in the high street as cafés, boutique restaurants and independent food shops pop up. Walk in the Weald of Kent, visit Tonbridge Castle, or enjoy the local golf courses.

For private education, Tonbridge School is rivalling Sevenoaks School for attracting parents to the area. And there are also Tonbridge and the Weald of Kent state grammar schools.

Average price: Tonbridge, £560,084; Tunbridge Wells, £592,342

_{For sale: Detached period house with five bedrooms two miles from the town centre, £925,000 through Savills.}

10. Warminster - big savings on Bath

It’s not as grand as Bath, but it is a manageable, friendly market town with plenty of Georgian charm. Nestling on the edge of the Salisbury Plain, it also has strong military connections.

Commuting from the area is one of its real strengths, with trains from Westbury to Paddington taking abut 90 minutes and the A303 road is just to the south. For wealthier families, there’s an embarrassment of renowned public schools in the area, including Millfield and Milton Abbey.

Average price: Warminster, £299,050; Bath, £488,401

_{For sale: The Chantry, a Tudor house with a cottage, outbuildings, stables and gardens, £2.15m Knight Frank.}

11. Witney - Oxford for careful spenders

This historic market town is only 11 miles from Oxford, with beautiful Cotswold stone properties and plans for 1,500 new homes. You can reach London, Birmingham, Bristol and Southampton in an hour or so via the A40 and M40, or take the train from nearby stations into London Paddington.

You won’t be bored as there’s a five-screen cinema, the usual high-street shops, plus lots of eateries, from independents to chains such as Frankie & Bennys and Café Rouge.

Picture gallery: what you can buy for £1m - in London and around the country

Read: is another house price bubble around the corner

Average price Witney, £380,440; Oxford, £654,274

_{For sale: the 3,200 sq ft Old Bakehouse is a five-bedroom family house in the centre of town. It dates back to the mid-17th century and has original details such as medieval windows, £850,000 through John D Wood & Co.}

Edward Cunningham, partner at Knight Frank Country, explains: “Buyers have often been governed by either commutability or affluent areas with excellent schooling when moving to the country. However, with the increase in Stamp Duty and the threat of a Mansion Tax, these criteria could become less important. We are likely to see more buyers consider new catchment areas that are perhaps less established but still offer wonderful lifestyles, great value for money and are good investments for the future.”

The results are based on the average prices of detached properties last year, using Land Registry figures, and selected by the agent Knight Frank.

www.telegraph.co.uk/