Buying a home in a national park costs an extra £116,500

 
House prices in 12 national parks surveyed by Lloyds Bank are on average £116,501 above the average for their surrounding county, a house price premium of 46% - 11 of the 12 have higher house prices than the average for their county, with four – the New Forest, the South Downs, the Peak District and the Lake District - attracting a premium in excess of £150,000.

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 8.0.
Andrew Mason, mortgage products director, Lloyds Bank said: "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. 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."
The average house price in national parks across England and Wales has increased by £51,463 (16%) over the past ten years, from £317,341 in 2007 to £368,804 in 2017. The biggest percentage increases were in South Downs (41%) and The Broads (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.

The Lake District commands the highest price premium. Properties in the UK’s most visited national park command the largest premium with average prices more than double (105% or £186,351) those in the surrounding area. New Forest (86% or £268,856) and the Peak District (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 (-3% or -£4,936). 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 New Forest is £581,448, 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 (11.5).

National Park
Average House Price  2017* (£)
Average House Price in County 2017*** (£)
Premium to County  %
Premium to County  £
Lake District National Park
364,193
177,843
105%
186,351
New Forest National Park***
581,448
312,592
86%
268,856
Peak District National Park***
332,706
180,737
84%
151,969
South Downs National Park
536,208
326,832
64%
209,377
Pembrokeshire Coast National Park
254,330
168,368
51%
85,962
Dartmoor National Park
309,154
243,871
27%
65,283
Yorkshire Dales National Park
277,557
219,247
27%
58,309
The Broads Authority
311,314
247,657
26%
63,657
Exmoor National Park
304,627
243,542
25%
61,085
North York Moors National Park
298,936
245,366
22%
53,570
Brecon Beacons National Park
222,631
194,355
15%
28,276
Snowdonia National Park***
180,126
185,062
-3%
-4,936
National Parks Average**
368,804
252,303
46%
116,501
Source: Lloyds Bank, Land Registry
Northumberland National Park excluded from the analysis due to insufficient number of sales
*January to June
** Weighted average by transactions.
*** Where more than one county is involved, a weighted average of relevant counties is used.
 
Image: Doug Belshaw

Comments