Buyers fleeing cities don’t always get more for their money
The trend of buyers apparently fleeing the city to get more for their money in the country has hit the buffers – at least if vendors want to go to a National Park.
Far from saving money they’re likely to pay a hefty premium of over £155,000 according to Lloyds Bank.
Its research also shows that homes in national parks are, on average, 58 per cent – or £155,948 – more expensive than properties in their surrounding areas.
The New Forest in Hampshire is the UK’s most expensive national park, with average house prices of £696,568, That’s 107 per cent – or £360,134 – more expensive than properties in the surrounding area.
The South Downs, 10 years old and England’s newest national park – has homes costing £644,483 or 83 per cent more than properties nearby. And in the Lake District a property will typically cost £412,213, over 120 per cent – £226,848 – more than nearby homes.
House prices in national parks continue to rise, with the average price up seven per cent in the last year, compared to a two per cent rise for the average property in England and Wales.
This comes despite properties in national parks now costing 12.4 times average local earnings – the New Forest is the least affordable national park, with house prices at 16.7 times the average salary in the area.
“Buyers looking for a breath of country air could consider properties in the mountains of Snowdonia, the valleys of Dartmoor or in the rolling hills of the Yorkshire Dales, where prices for homes in stunning vistas are more affordable” according to Simon Brown of Lloyds Bank.
Properties in national parks continue to rise above the national average, with homes experiencing a 32 per cent increase since 2010.