It will cost nearly £90,000 extra to buy a house in the spectacular surroundings of one of the country’s National Parks, a study has found.
Home buyers in England and Wales’s favourite protected wildernesses face paying 45 per cent more than for comparable properties in the same counties, Lloyds TSB said.
They are getting more expensive relatively speaking too – the typical premium paid by buyers in the 12 parks studied, at £87,968, is 55 per cent higher than it was 10 years ago, when it stood at £56,626.
The Peak District commands the biggest premium in percentage terms, with buyers paying an extra £162,650, more than double the typical local prices. The New Forest and the Lake District have the next highest premiums.
Homes in Snowdonia are the most affordable relative to the local area, with buyers paying a narrower margin of 6 per cent or £8,763 more to live there. Welsh National Parks tended to have smaller hikes compared with the local area, with Pembrokeshire and the Brecon Beacons also lying towards the more affordable end of the findings.
The study comes at a time when lenders are tightening their borrowing criteria and people with smaller deposits in particular are expected to have a tougher time finding a mortgage in the coming months.
The typical home in a National Park costs more than 10 times annual earnings at £365,259, up from just over seven times local wages a decade ago.
The New Forest is the most expensive park in the study, with homes costing £474,883 on average, or more than 13 times local average annual earnings. By comparison, homes in Snowdonia cost around six times wages in the area.
The study used Land Registry sales records from this year. Northumberland National Park was excluded from the research due to insufficient figures.
National Parks’ average house price, premium to county house price in percentage and monetary terms
1. Peak District, £314,577, 107 per cent, £162,650 2. New Forest, £474,883, 94 per cent, £230,295 3. Lake District, £270,724, 70 per cent, £111,912 4. South Downs, £411,976, 64 per cent, £161,303 5. Dartmoor, £316,111, 50 per cent, £104,802 6. Yorkshire Dales, £283,146, 47 per cent, £90,471 7. Exmoor, £270,634, 29 per cent, £61,172 8. The Broads Authority, £237,939, 25 per cent, £47,451 9. Pembrokeshire Coast, £194,974, 25 per cent, £38,673 10.North York Moors, £235,667, 11 per cent, £23,331 11. Brecon Beacons, £193,658, 8 per cent, £14,798 12. Snowdonia, £167,773, 6 per cent, £8,763
:: National Parks average, £365,259, 45 per cent, £87,968
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