House buyers wishing to live in one of the UK’s National Parks will need to pay higher than average prices to secure such a location, new research has revealed.
According to Lloyds Bank, living in one of the UK’s most popular green beauty spots carries an additional average cost of £119,000.
The average house price in England and Wales’s National Parks averages £360,671. This compares with an average of £241,959 for their surrounding counties and an average of £277,260 for England and Wales as a whole.
Properties in the New Forest, in the south of England, command the highest price premium - £286,442 (98%) more than properties in the surrounding area. It is also the least affordable National Park, as the average house price of £577,979 is 15 times the local gross average annual earnings.
On the other hand, Snowdonia in Wales is the only National Park where property prices are actually below the average for the surrounding area (-3%). Snowdonia is also the most affordable National Park, with an average house price of £173,170 - 6.5 times local average annual earnings.
The average house price in National Parks across England and Wales has increased by £67,727 (23%) over the past ten years, from £292,943 in 2006 to £360,671 in 2016.
"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,” commented 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.”
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