Home-buyers face Â£119,000 premium for National Park properties, survey reveals
Home-buyers face paying a premium of nearly Â£119,000 typically to live in a National Park area, a report has found.
Across England and Wales, a home in a National Park costs nearly 12 times local annual wages on average, according to research from Lloyds Bank.
House prices in 12 National Parks looked at by Lloyds were around £118,711 or 49% above the average for their surrounding county.
An average home in a National Park was worth just over £360,670, while one in the surrounding county was valued at just under £241,960.
Properties in the New Forest commanded £286,442 more than homes in the surrounding area on average, the research found.
This was the highest price premium in the survey and meant buyers could expect to pay nearly double the amount they would spend on a home situated just outside the New Forest.
Snowdonia in Wales was found to be the only National Park where property values were lower than those in the surrounding area, with buyers there paying around £5,700 less than they would for a home nearby.
A home in Snowdonia cost six-and-a-half times local average annual earnings, compared with an average multiple of 11.6 times earnings across all the National Parks included in the research. This made Snowdonia the most affordable National Park in the research.
At the other end of the spectrum, someone buying a home in the New Forest would need to find 15.3 times the local annual wage.
Andrew Mason, Lloyds Bank mortgage products director, said: “Quality of life and an attractive environment are two major factors for people eyeing their next home move, and our National Parks provide both of these in abundance.
“It’s therefore not surprising to learn that many homemovers are prepared to pay a premium to live in some of the most beautiful parts of the country.
“These highly attractive areas are also very popular with second home purchasers.
“However, as some of the homes in these areas can cost as much as 15 times the local average wage, there is a risk that some people living and working in these areas could be priced out of the market.”
Here are the average house prices in the National Parks included in the research from Lloyds Bank, followed by the average house price in the wider county, and the premium buyers can expect to pay to live in a National Park in percentage and cash terms:
* Brecon Beacons, £225,585, £186,150, 21%, £39,435
* Dartmoor, £306,432, £235,023, 30%, £71,409
* Exmoor, £270,607, £232,275, 17%, £38,331
* Lake District, £314,384, £172,992, 82%, £141,392
* New Forest, £577,979, £291,537, 98%, £286,442
* North York Moors, £247,788, £235,521, 5%, £12,267
* Peak District, £336,718, £173,957, 94%, £162,761
* Pembrokeshire Coast, £232,438, £161,788, 44%, £70,650
* Snowdonia, £173,170, £178,957, minus 3%, minus £5,787
* South Downs, £497,284, £308,318, 61%, £188,966
* Norfolk Broads, £289,361, £229,397, 26%, £59,964
* Yorkshire Dales, £304,354, £212,855, 43%, £91,499