The New Forest has the most expensive homes in a National Park in the UK
The average house price in a national park in England and Wales is 11.7 times higher than local average gross annual earnings with the New Forest the most expensive and Snowdonia the most affordable.
New research shows that the average price of a home in the New Forest is £581,448 and in Snowdonia just £180,126 with national parks having an overall premium of £116,501 or 46%.
The study from Lloyds Bank also shows that the average house price in a national park of £368,804 is 11.7 times higher than local average gross annual earnings. The comparable ratio for England and Wales as a whole is eight.
Some four national parks; the New Forest, the South Downs, the Peak District and the Lake District attract a premium in excess of £150,000.
‘Buying a home in one of the most beautiful spots in the country usually comes with a substantial price tag. New development is also very limited in these areas which can also be a contributing factor,’ said Andrew Mason, mortgage products director, Lloyds Bank.
‘With the difference between local earnings and property prices being so large, it can make it very challenging for those living and working in national parks to buy their own home,’ he added.
The research also shows that house prices in national parks have increased by over £51,000 since 2007 but this is £20,000 lower than the rest of England and Wales.
The average house price in national parks across England and Wales has increased by £51,463 or 16% over the past 10 years, from £317,341 in 2007 to £368,804 in 2017. The biggest percentage increases were in South Downs at 41% and The Broads at 23%.
However, the £51,463 increase is £19,998 lower when compared to the average house price rise since 2007 across the whole of England and Wales.
Properties in the UK’s most visited national park command the largest premium with average prices more than double at 105% or £186,351 those in the surrounding area. The New Forest at 86% or £268,856 and the Peak District at 84% or £151,969 have the second and third highest premiums.
Snowdonia is the only national park where property prices are below the average for the surrounding area, some 3% or £4,936less. With an average house price of £180,126, which is 6.8 times local average annual earnings, Snowdonia is the most affordable national park in the survey.
The average house price in the New Forest is £581,448, some 15.2 times local gross average annual earnings. South Downs is the second least affordable with an average house price to earnings ratio of 14.9, followed by the Lake District at 11.5.