15 Oct

National Parks appeal to buyers

National Parks appeal to buyers

A new survey highlights how buyers are willing to pay more to live in the UK's National Parks.

Research from Lloyds Bank revealed that people are willing to pay more than £125,000 extra if it secures them a property within some of the most stunning areas of the country.

Overall in 2014, house prices in the National Parks of England and Wales are an average of £125,796 higher than average - a premium of some 58 per cent.

The New Forest was the highest priced National Park at £259,066 on average, while Snowdonia was less popular and its average prices remained below £200,000.

Other sought-after areas included the Peak District and the Lake District - with both reporting prices over 80 per cent higher for homes in the National Park areas.

Values in the UK's 12 National Parks have also risen substantially over the past decade -  Lloyds concluded that average prices have increased by 36 per cent over the last ten years from £251,269 in 2004 to £342,534 in 2014.

This is £10,000 more than the £81,269 increase reported for the average price of all properties in England and Wales over the same period.

Exmoor showed the largest increase with a 47 per cent rise in prices, followed by the South Downs with 45 per cent. However, the North York Moors only reported a 17 per cent rise and the Yorkshire Dales saw prices expand by 18 per cent.

Marc Page, mortgages director at Lloyds Bank, explained that there has been a rise in demand for National Park properties because of the appealing setting, as well as an increase in second home owners. Therefore, properties have attracted a premium but this has made it harder for some people to secure their dream home.

"The high quality of life associated with living in some of the country's most beautiful areas attracts many homebuyers to our National Parks."

He added: "The disadvantage is that the resulting high property prices have made it very difficult for many of those living and working in such locations to afford to buy their own home. This situation has deteriorated in recent years as prices have risen more rapidly than earnings."ADNFCR-1222-ID-801754420-ADNFCR

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