British homes located in national parks may have some of the most breathtaking scenery, but certainly are not cheap, as properties in national parks attract a premium of £116,501.
Lloyds Bank conducted a study, finding that properties in protected areas of the countryside sell for an average of around 46% more than others in the surrounding county. The only national park in the UK that does not have higher property prices than the average for the surrounding area is Snowdonia. The Lake District, New Forest, the Peak District and South Downs all attract a premium in excess of £150,000.
The average house price in a national park is around 11.7 times more than the average yearly earnings in the local area. Across England and Wales, the average ratio of house prices to annual income is 8.0. The Lake District national park has the most visitors, and has the highest premium, with property prices over twice as much as those in the surrounding area.
The New Forest is the national park with the next highest premium, with property values 94% higher than the surrounding area. Andrew Mason, from Lloyds Bank, stated that in addition to having beautiful scenery, national parks have very little development of new properties, which contributes to higher prices. As there had been insufficient sales in Northumberland national park, it was not included in the study.
If you are considering paying a high premium to secure the home of your dreams, you may want to speak to a CeMAP qualified mortgage advisor.