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Home buyers would pay over £125,000 extra to live in some of the UK’s most beautiful landscapes, according to new research. House prices in the National Parks of England and Wales in 2014 are, on average, £125,796 higher than their county average. In percentage terms, this represents a premium of 58%. The research from Lloyds Bank also shows that the New Forest commands the highest price premium whilst Snowdonia has the smallest and is the only National Park with an average price below £200,000. All National Parks have higher house prices than the average for their county, with four of the 12 National Parks attracting a house price premium in excess of £125,000. Homes in the New Forest command the largest premium relative to the average for the surrounding area in both monetary terms at £259,066 and a difference of 101%. The next highest percentage premiums to the surrounding area are in the Peak District at 94% and the Lake District at 84%. Homes in Snowdonia command the smallest premium, with property prices only 5% above the average for the surrounding area. Overall the average house price in National Parks has risen by £91,265 or 36% over the past ten years, from £251,269 in 2004 to £342,534 in 2014. This was £10,000 more than the £81,269 increase in the average price for all properties in England and Wales over the period. Exmoor recorded the biggest percentage increase with a 47% house price rise, closely followed by the South Downs at 45%. In contrast, the North York Moors at 17% and the Yorkshire Dales at 18% recorded the smallest gains in house prices over the last decade. The research also shows that the increase in house prices outpaced the 25% of average earnings across England and Wales’s National Parks, resulting in a deterioration in home affordability over the past decade. The average National Parks house price of £342,534 in 2014 is, on average, 11.3 times higher than average gross annual earnings. This is up from a multiple of 10.3 in 2004. The New Forest is both the most expensive and the least affordable National Park with an average house price of £516,479 that is 14 times local gross average annual earnings. The South Downs at 12.3 times average earnings is the second least affordable National Park. Exmoor, Dartmoor, the Lake District and Peak District also have average prices that are more than 10 times local average annual wages. Snowdonia is both the least expensive and the most affordable National Park with an average house price of £173,779, which is 6.5 times local average annual earnings. Snowdonia is the only National Park with an average price below £200,000. Seven of the 12 National Parks surveyed have an average house price that exceeds £250,000. ‘The high quality of life associated with living in some of the country’s most beautiful areas attracts many homebuyers to our National Parks. They are also increasingly popular with those purchasing a second property. These factors mean that homes in National… Continue reading →
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