National Park properties becoming more expensive relative to local house prices

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

Chris Sabian is owner of http://www.thedoginn.biz a directory for Dog Friendly Accomodation, Pubs, Beaches & More. Browse the UK’s most popular directory of dog friendly accommodation, pubs, beaches and days out

 

 

 

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