COVID-19: Read the latest on how we can support your conveyancing journey
Open Today: 9am - 8pm

01 Nov, 2019/ by Homeward Legal /Buyer

Be prepared to pay a hefty price premium to live in a national park.

Research by Lloyds Bank has revealed that a home inside a national park in England or Wales will cost on average 11 times local earnings.

That equates to an extra £127,839 you'd have to be willing to pay to buy a home in a national park compared to one nearby.

Park homes' value on the up

According to Lloyds, the value of homes in a national park have risen by 4 percent in the last year alone.

The Lloyds data has an average home in England and Wales costing £294,021. Compared to that, a house inside a national park - known as the UK's breathing spaces - will set you back on average £394,141.

The most expensive national park is the New Forest where average house prices are £643,371. That's a price premium of 97 percent or £317,426 above average local prices.

The Peak District and the Lake District are the next most expensive, with price premiums of 92 percent.

More affordable for buyers

In the South Downs, the UK's newest national park, average house prices are 15 times average local earnings.

However, not every national park is much more expensive than other local properties. The Pembrokeshire Coast and Brecon Beacons in Wales, along with the North Yorkshire Moors, have all become more affordable in the last decade.

Snowdonia, in Wales, is the most affordable national park with average house prices seven times average local earnings.

Premium price tag attached

Andrew Mason, Lloyds mortgages director, said: "While living in a national park comes with the attraction of some of the most picturesque parts of the country, this comes with a premium price tag to house hunters.

"The Welsh national parks in particular have become more affordable over the last few years. That offers greater opportunity for prospective buyers.

"Outside of Wales, the North Yorkshire Moors are the most affordable for those aspiring to live in the most scenic settings the UK has to offer."

Share this news post:

More from this category