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
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