House prices in the National Parks of England and Wales in 2012 are, according to research from Lloyds TSB, on average £87,968 (45%) higher than their county average.
The review, based on data from the Land Registry and the Office for National Statistics (ONS), found that the premium is £31,342 (or 55%) higher than in 2002 when it was £56,626.
All National Parks have higher house prices than the average for their county, with five of the 12 National Parks tracked attracting a house price premium of over £100,000. In percentage terms, homes in the Peak District command the largest premium relative to the average for the surrounding area, at 107% (or £162,650).
The New Forest is the most expensive National Park in England and Wales with an average house price of £474,883; 30% higher than the National Parks average (£365,259).
South Downs is the second most expensive National Park with an average house price of £411,976, followed by Dartmoor (£316,111) and Peak District (£314,577).
Snowdonia is the least expensive National Park with an average house price of £167,773, followed by the Brecon Beacons (£193,658).
The average house price in National Parks across England and Wales has risen by £170,335 – 87% – over the past decade, from £194,924 in 2002 to £365,259 in 2012. Homeowners in five of the 12 National Parks examined have seen the value of their home more than double over the past decade. Snowdonia recorded the biggest increase with a 111% house price rise, followed by the North York Moors (109%) and the Pembrokeshire Coast (106%).
The average National Parks house price of £365,259 in 2012 is, on average, 10.8 times higher than average gross annual earnings. This is up from a multiple of 7.7 in 2002.
The New Forest is the least affordable National Park with an average house price (£474,883) that is 13.3 times local gross average annual earnings. The South Downs – at 11.8 times average earnings – is the second least affordable National Park, followed by Dartmoor (11.4). Snowdonia is the most affordable National Park with an average house price of £167,773 that is 6.5 times local average annual earnings.
“The quality of life benefits associated with living in the some of the country’s most scenic destinations resonate strongly among many homebuyers,” said Suren Thiru, housing economist at Lloyds TSB. “Such destinations are also popular with those looking for a second property. As a result, properties in National Parks typically trade at a significant premium to homes in neighbouring areas.
“The downside of high property prices is that homes are often difficult to afford for those living and working in such locations; a situation that has got worse over the past decade as prices have risen sharply.”
