Three new homes in Ilkley have been snapped up in the space of just six weeks - despite each having a £1 million-plus price tag.

The swift sale of the luxury homes means the town - already one of the richest in the country - continues to develop its reputation as a millionaires' row.

But now there are fears that the astronomic cost of property will force away young or first-time buyers.

Councillor Dale Smith (Con, Rombalds), said: "It's always been an attractive residential area, and it seems to be going ahead full steam. But the real issue is how people from the area are going to get on to the property ladder in the first place.

"Children wanting to move out can't afford to compete with the upward trend of the market in the Wharfe Valley.

"More people with large disposable incomes are coming into the area and younger ones who already live there have serious difficulties going through the process of buying their first home."

The cause of the problem is the exaggerated distance between the higher and lower ends of the housing market. While in the past first-time buyers in affluent areas such as Ilkley could find somewhere to live, the growing premium on property is squeezing those opportunities out of town, said Councillor Matt Palmer (Con, Rombalds), who admitted even he was having trouble finding a home.

"It's very difficult to buy houses at the bottom end of the market," he said. "Even if I earned double my salary I probably couldn't buy a house at the cheaper end. Younger people who have been brought up here and are looking to start their own homes are really having problems staying."

But David Waddington, marketing and sales manager for Crosby homes, which built the £1 million properties, said it could only be good for the town's economy as it was drawing in affluent business people who commuted to work in Bradford, Leeds and Harrogate.

"The investment in houses will mean the area breeds success," he said. "The people that buy them are adding to its economy and its existing quality."

Ilkley, which was listed as 42nd in a rich towns league table published in February, is already home to more than 100 millionaires, and was one of the few towns outside London and the south east to make it on to the list.

Built on its reputation as a spa town, it now thrives on its connections with major cities, picturesque surroundings, and a reputation for good schools.

Councillor Anne Hawkesworth (Con, Ilkley), said high property prices in the area were nothing new.

"It's always been the case," she said. "There are some affordable properties being produced, but the fact is that people with higher incomes want to live there simply because it's a wonderful place.

"I've heard one man who lives there say Ilkley is very bad for career progression because you never want to leave.

"I think if you read things like that it's pretty obvious it already is millionaires' row."