Living in one of the UK’s national parks comes with a price with property in these locations costing an average of £119,000 more, new research has found.
The New Forest in the south of England is the most expensive national park for property with an average price of £577.979 while Snowdonia in Wales is the most affordable with an average price of £173,170.
The research from Lloyds Bank also shows that the price of a home in a national park would cost a buyer nearly 12 times annual gross average earnings.
It means that across England and Wales, house prices in the 12 national parks surveyed are 49% above the average for their surrounding county at £360,671 compared to £241,959.
Overall 11 of the national parks have higher house prices than the average for their county with the New Forest, the South Downs, the Peak District and the Lake District attracting a price premium in excess of £100,000.
The average house price in a National Park of £360,671 is, on average, 11.6 times higher than local average gross annual earnings. The comparable ratio for England and Wales as a whole is eight times gross annual earnings.
Properties in the New Forest, in the south of England, command the highest price premium which is £286,442 or 98% more than properties in the surrounding area and with an average house price of £577,979 is 15 times the local gross average annual earnings.
The South Downs, with an average house price to earnings ratio of 13.6, is the second least affordable National Park, followed by the Peak District 10.8 ratio. The Peak District also has the second highest percentage premium compared with its surrounding area at 94%, followed by the Lake District at 82%.
Conversely Snowdonia in Wales is the only national park where property prices are actually below the average for the surrounding area at 3% lower. Snowdonia is also the most affordable National Park, with an average house price of £173,170 some 6.5 times local average annual earnings.
‘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,’ said Andrew Mason, Lloyds Bank mortgage products director.
‘It’s therefore not surprising to learn that many home movers 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,’ he explained.
‘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,’ he added.
The research also shows that house prices in national parks have increased by almost £68,000 or 23% since 2006 from £292,943 in 2006 to £360,671 in 2016. The biggest percentage increases were in the South Downs at 45% and the New Forest at 26%. But over the decade prices have fallen by 7% in Exmoor, by 1% in Snowdonia and by 0.3% in the North York Moors.
