By House prices in UK national parks are on average £121,383 more expensive than similar properties in surrounding counties, according to new research from Lloyds Bank.
The average house price in a national park is now £379,437, meaning homebuyers face paying an extra 47 per cent compared to similar properties in surrounding counties. This is also significantly higher than the average England and Wales house price of £286,336.
New Forest in the south of England is the most expensive national park to buy a property with a premium in excess of £300,000. This is followed by the South Downs with a premium of more than £200,000, according to recent data from Lloyds.
In the New Forest, the average house price of £661,957 is more than double the county average. At the other end of the scale, homes in Snowdonia cost on average £189,616, or a premium of just 2% (£4,374), according to the recent data from Lloyds Bank.
Local buyers are locked out
The average cost of a home in a national park is 11.6 times higher than local average gross annual earnings, according to Lloyds.
The New Forest is the least affordable national park, where the average house price is 15.9 times higher than local earnings. Snowdonia was recorded as the most affordable national park to buy property, with the average price 6.7 times local earnings, according to the recent data from Lloyds.
Andrew Mason, mortgages director, Lloyds Bank, said: “National parks offer a unique opportunity to live in some of the most desirable parts of the country, and often come with strict rules designed to protect their beauty and heritage for many years to come.
“However, this comes at a cost to home buyers who will need to pay considerably more to put roots down in these locations. With such a significant gap between local earnings and property prices, people who want to live and work locally may face a considerable challenge to buy their own home.”
Long-term upward trend
House prices in national parks across England and Wales increased by £56,063 (17%) over the past 10 years, according to Lloyds Bank.
The biggest increase has been in the South Downs where prices have risen by 36 per cent (£146,264) over the last decade. Exmoor, on the other hand, is the only national park where the average price fell over the last 10 years.
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