Lloyds Bank has conducted research into the values of properties in national parks. According to this research, house prices in the twelve national parks measured, are on average, £116,501 above the average for the surrounding county, which is a house price premium of 46%. From this research, most of the national parks (11 out of 12) have higher house prices than the county average. Four of these national parks have higher premiums in excess of £150,000, namely, the Lake District, the Peak District, the New Forest, and the South Downs.
Buying a house in a national park can be very expensive, with the average price of a house being £368,804. This is 11.7 times higher than the local average total annual earnings. For comparison, the ratio for England and Wales as a whole is 8.0. Over the past ten years, the average price for houses in national parks across England and Wales have increased by 16%, which is £51,463. This means that in 2007, the average price of a house was £317,341, whereas, a house in 2017, would cost £368,804. The most noticeable increases were in The Broads (23%) and in South Downs (41%). Although there has been a £51,463 price increase, it is still £19,998 lower when compared to the rise of the average house price since 2007 across England and Wales.
The UK’s most visited national parks attract the highest premiums for properties, with the average price for a house being more than double (£186,351 or 105%) those in the surrounding areas. The national park with the second highest premiums is New Forest (£268,856 or 86%) and the national park with the third highest premiums is the Peak District (£151,969 or 84%). According to the national park survey, Snowdonia is the most affordable area with an average house price of £180,126. This is 6.8 times the local total average yearly earnings. Snowdonia has property prices that are below average for the surrounding area (-£4,936 or -3%).
In New Forest, the average price for a house is £581,448, which is 15.2 times the local total average yearly earnings. The second most expensive national park is South Downs with an average price to earnings ratio of 14.9, swiftly followed by the Lake District which has a comparable ratio of 11.5.
About the Author
Stuart Mosely (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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