Have you ever wanted to buy a home in a National Park in England and Wales? You might have to dig deeper than first thought, after it was revealed from new research that it will cost an average of £100,000 more than other properties nearby.
The research compiled by Lloyds Bank highlights the overall prices in the National Parks in 2015 are, on average, £101,880 higher than their county average, realising a hefty premium of 44%.
The New Forest commands the highest percentage premium, followed by the Peak District and then the Lake District. Snowdonia in Wales is the only National Park where property prices actually come in below the average for the surrounding area at 3% less.
Out of the dozen National Parks featured in the research, 11 have higher house prices than the average for their county, with four attracting a price premium in excess of £100,000. From the 12 National Parks surveyed, seven consisted of an average house price that exceeds £250,000.
With this news to hand, it really is no surprise that home affordability in National Parks is expressively worse than for the country as a whole. National Park house prices, on average were £332,755 this year, therefore making them a staggering 10.9 times higher than local average gross annual earnings.
Again, in terms of averages, house price in National Parks across England and Wales have inflated by 21%, which equates to £57,718 over the past decade, from £275,037 in 2005 to £332,755 in 2015.
Fortunately, our Devon estate agents here at Howes Estates have a wonderful selection of properties to choose from that are located a short distance from one of the country’s best National Parks, so why not see how we can save you the hassle of having to dig deep?