The national parks are known as Britain’s breathing spaces and home movers pay £127,000 more to live there than surrounding counties.
Research by Lloyds Bank shows home movers are prepared to pay 48% or £127,839 more to live in a national park in England and Wales.
With average prices of £394,141 compared to the £266,302 for surrounding counties enjoying Britain’s breathing spaces may be out of reach for first time buyers.
Andrew Mason Mortgages Director at Lloyds Bank said, while living in a national park comes with the attraction of some of the most picturesque parts of the country, this comes with a premium price tag to house hunters.
In the last year house prices in national parks are 4% higher although in Pembrokeshire Coast are -5% or -£12,905 lower followed by Brecon Beacons down -3% or -£6,226.
Large premiums for popular parks
The top six national parks come with a substantial six figure premium with buyers in the New Forrest National Park paying 97% or £317,426 more with average prices of £643,371.
The following table from the Lloyds Bank shows the average price and premium paid for national park homes over similar houses in the county during 2019.
| National park | House prices | Premium |
|---|---|---|
| New Forest | £643,371 | 97% |
| Peak District | £380,338 | 92% |
| Lake District | £355,340 | 92% |
| South Downs | £585,538 | 71% |
| Yorkshire Dales | £347,864 | 48% |
| The Broads Authority | £387,609 | 45% |
| Pembrokeshire Coast | £241,021 | 35% |
| Exmoor | £346,046 | 32% |
| Dartmoor | £321,455 | 25% |
| Brecon Beacons | £231,167 | 14% |
| Snowdonia | £198,475 | 4% |
| North Yorkshire Moors | £265,122 | -1% |
The Peak District is the UK’s oldest park where buyers pay a premium of 92% or £182,413 and the most visited park, the Peak District where people pay £169,921 more to buy a property.
Homes in the national parks are subject to strict rules when it comes to making changes and with the higher house prices, buy-to-let investors may look at the cheaper surrounding counties to improve rental yields.
The largest increase in the last year has been The Broads where house prices are higher by 27% or £81,568 followed by the Yorkshire Dales up 19% or £56,163 and the Peak District rising 16% or £53,013.
For remortgage buyers the rise in house prices would allow them to raise capital for home improvements such as new kitchen, bathroom or extension subject to strict planning rules.
Affordability stretched in national parks
The average home in a national park is 11.6 times the local average gross annual earnings compared to 7.6 times for England and Wales as a whole.
South Downs National Park is the least affordable with prices 15.1 times higher than local earnings the same as the New Forest.
Help with the deposit for a new home in a national park can come from family members as the equity release buyer can access cash using a lifetime mortgage and gift to a child or grandchild.
Over the last ten some parks have become more affordable including Snowdonia with 6.9 times, the North Yorkshire Moors on 7.3 times, Brecon Beacons with 8.0 times and Pembrokeshire Coast on 8.2 times.
Andrew Mason said, the Welsh national parks in particular have become more affordable over the past few years, offering greater opportunity for prospective buyers.
Outside of Wales, the North Yorkshire Moors are the most affordable for those aspiring to live in the most scenic settings the UK has to offer.
What are your next steps?
Speak to our LCM mortgage advisers if you are planning to move home, buying your first home, remortgaging your existing home to a new cost effective mortgage deal or are a buy-to-let investor.
Start with a free mortgage quote or call us and we can take your details. Learn more by using the mortgage monthly cost calculators, equity release calculator and property value tracker chart.
For equity release buyers our London City Mortgage brokers can recommend lifetime mortgages allowing you to receive cash from your property to purchase a new car or even buy a more expensive home.
