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Would you pay an extra £121K to live in a national park?

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03/12/2018
The average property in a national park now costs almost £380,000
Would you pay an extra £121K to live in a national park?

Homes in UK national parks cost on average £121,383 more than similar properties in surrounding areas, said Lloyds Bank.

It found that all 12 national parks it surveyed have higher house prices than the average for their county.

The average house price in a national park is now £379,437, meaning homebuyers pay a 47% premium compared to similar properties. It’s also much higher than the average England and Wales house price of £286,336.

Biggest premium

The New Forest has the largest national park premium of over £300,000. Prices of homes thereare £661,957, more than double the county average (an extra 107% or £342,830).

At the other end of the scale, homes in Snowdonia cost on average £189,616, or a premium of just 2% (£4,374).

Andrew Mason, mortgages director of Lloyds Bank, said: “National parks offer a unique opportunity to live in some of the most desirable parts of the country, and often come with strict rules designed to protect their beauty and heritage for many years to come.

“However, this comes at a cost to home buyers who will need to pay considerably more to put roots down in these locations. With such a significant gap between local earnings and property prices, people who want to live and work locally may face a considerable challenge to buy their own home.”

House prices in national parks across England and Wales increased by £56,063 (17%) over the past 10 years, up from £323,373 in 2008 to £379,437 in 2018 (17%).

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