Want to live in a national park? It will cost you an extra £116,500

27 November 2017

Buying a home in a national park in England and Wales will typically cost £116,501 more than the surrounding area, according to new research.

Lloyds Bank studied house prices in 12 national parks and found that buyers would pay a 46% premium on living surrounded by nature.

In addition, 11 out of 12 national parks have higher than average prices for their county, with the Lake District, the New Forest, the Peak District, and the South Downs attracting a premium of more than £150,000.

Properties in the Lake District attracted the biggest premium, with average prices 105% or £186,351 more than those in the surrounding area. This was followed by the New Forest (86% or £268,856), and the Peak District (84% or £151,969).

If you want to live in a reasonably priced home in a national park, then head for Snowdonia where house prices are -3% or £4,936 less than the surrounding area. An average house here costs £180,126, which is 6.8 times local gross average annual earnings.

Meanwhile, homes in the New Forest are the least affordable with an average price of £581,448, which is 15.2 times local gross average annual earnings. The compares with average annual earnings of 8.0 for England and Wales.

There is also bad news for those who already live in a national park as house prices have gone up, on average, by £51,463 since 2007­ — £20,000 less than the rest of England and Wales.

"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,” says Andrew Mason, mortgage products director at Lloyds Bank.

"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."

National parks house prices - premium to county
National parkAverage House Price 2017* (£)Average House Price in County 2017*** (£)Premium to County  %Premium to County  (£)
Lake District National Park364,193177,843105%186,351
New Forest National Park***581,448312,59286%268,856
Peak District National Park***332,706180,73784%151,969
South Downs National Park536,208326,83264%209,377
Pembrokeshire Coast National Park254,330168,36851%85,962
Dartmoor National Park309,154243,87127%65,283
Yorkshire Dales National Park277,557219,24727%58,309
The Broads Authority311,314247,65726%63,657
Exmoor National Park304,627243,54225%61,085
North York Moors National Park298,936245,36622%53,570
Brecon Beacons National Park222,631194,35515%28,276
Snowdonia National Park***180,126185,062-3%-4,936
National Parks Average**368,804252,30346%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.

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