£155K: The property price premium to live in a national park
Properties in national parks across England and Wales command a premium of over £155,000, according to Lloyds Bank.
The financial giant noted that property prices in national parks have increased by 7% to £426,595, higher than the average house price in England and Wales of £301,237.
As millions of us work from home and more people consider a move out of the city, the appeal of living in a national park is obvious.
The New Forest in Hampshire is the most expensive national park to buy a home in, commanding average house prices of £696,568. This is 107% (or £360,134) more expensive than properties in the surrounding area.
It’s also seen the largest price rise, with properties up 14% in the past 12 months.
The South Downs, England’s newest national park, is the second most expensive, with homes costing £644,483. That’s a massive 83% more than properties nearby, and up 12% in the last year.
A home in the Lake District will set you back £412,213, over 120% (or £226,848) more than nearby homes, and 10% higher than a year ago.
Affordable national park homes
Snowdonia is the cheapest national park in which to buy a home, with an average house price of £197,439 – no different to the cost of nearby properties.
Properties cost on average 6.8 times local incomes and Snowdonia has in fact become more affordable in the past decade, with house prices falling from 7.4 times the average local take-home pay in 2010.
Peter McCarthy, mortgages director at Lloyds Bank, said: “With the increase in people working from home, many may now be considering an escape to the country, and the nation’s national parks with their tranquil surroundings and picturesque views make for an excellent choice. However, these beauty spots come with a price tag, and those who live locally may find it difficult to afford a home in the area.
“Buyers looking for a breath of country air could consider properties in the mountains of Snowdonia, the valleys of Dartmoor or in the rolling hills of the Yorkshire Dales, where prices for homes in stunning vistas are more affordable.”