Homebuyers looking to live in one of Britain’s National Parks must fork out an extra £100,000, new research has found.
According to Lloyds Bank, if you are looking to buy a property in a National Park you will have to pay an additional £101,880 to live there compared to the surrounding county area, a premium of 44%.
The New Forest is the most expensive National Park with an average price of £531,162, meaning you will have to pay a staggering 94% more the average house price in the area.
The Peak District (89%) and the Lake District (72%) have the next highest percentage premiums to the surrounding area.
Snowdonia is the only National Park where property prices of £165,840 are actually below the average for the surrounding area (-3%).
Of the 12 National Parks researched, 11 have higher house prices than their county average, with four attracting a price premium of more than £100,000. Seven of the 12 National Parks surveyed have an average house price above £250,000.
Home affordability in National Parks is also significantly worse than for the country as a whole, with the average house price of £332,755 10.9 times higher than the local average wage.
A home in the New Forest also costs 14.2 times the local average wage, making it the most expensive and the least affordable in a National Park.
In second place is The South Downs – at 12.5 times average earnings, followed by the Peak District (10.3 times).
Snowdonia is the most affordable National Park with an average house price 6.2 times the local average wage.
Andrew Mason, mortgages director at Lloyds Bank, said: “Many homebuyers are prepared to dig that bit deeper to benefit from the lifestyle associated with living in National Parks. As areas of outstanding natural beauty, they are also prime locations for those seeking second properties. The combined impact of these factors is that house prices are typically much higher than those in surrounding areas.
“When we take average local earnings into account, this situation can make it really tough for many of those living and working in National Parks to afford to buy their own home.”
