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Revealed: the six figure premium to live in a National Park

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25/11/2016
Revealed: the six figure premium to live in a National Park

National Parks command an eye-watering £118,711 house price premium, according to research from Lloyds Bank.

That’s 49% above the average property price for their surrounding county.

The average house price in England and Wales’s 12 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.

Four of the National Parks – the New Forest, the South Downs, the Peak District and the Lake District – attract a massive price premium in excess of £100,000.

Unaffordable homes

The average house price in a National Park of £360,671 is, on average, 11.6 times higher than local average annual earnings. The comparable ratio for England and Wales as a whole is eight times annual earnings.

The New Forest is the least affordable National Park, as the average house price of £577,979 is 15 times the local gross average annual earnings.

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.

Andrew Mason, Lloyds Bank mortgage products director, said: “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. It’s therefore not surprising to learn that many homemovers 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.

“However, as some of the homes in these areas can cost as much as 15 times the local average wage, there is a risk that some people living and working in these areas could be priced out of the market.”

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