Homes located within the UK’s National Parks command a 24% price premium compared with otherwise similar properties elsewhere, according to new analysis from Nationwide.
The premium equates to around £66,500 based on the current average UK house price of £278,784, with restrictions on development and the attraction of countryside living helping to support values.
Buyers do not necessarily have to live within a National Park to pay more either. Nationwide found properties within 5km – around three miles – attract an average 6% premium.
Homes within England and Wales’s National Landscapes, formerly known as Areas of Outstanding Natural Beauty, command an average premium of 14%.
NEW FOREST TOPS NATIONAL PARKS
The New Forest remains the UK’s most expensive National Park in which to buy, with an average property price of £563,000.
It is followed by the South Downs at £485,000 and Peak District at £450,000. Dartmoor averages £348,000, while Loch Lomond and the Trossachs is the most expensive of Scotland’s two National Parks at £330,000.
The Lake District has an average price of £325,000, followed by the Yorkshire Dales at £315,000 and Pembrokeshire Coast at £310,000.
At the other end of the table, Eryri – Snowdonia – has the lowest average at £203,000, while homes in the Cairngorms average £255,000.
Andrew Harvey, Senior Economist at Nationwide, says: “National Parks are highly desirable areas to live in thanks to the beautiful countryside.
“Those living in the parks are ideally placed to make the most of the great outdoors and take advantage of a range of activities and amenities.
“Development is also controlled with limited new housing construction, which may also help to explain why house prices tend to be relatively high.”
SURREY HILLS REACHES £710,000
The premium is also evident across National Landscapes, with Surrey Hills retaining its position as the most expensive covered by Nationwide’s analysis.
Average prices there stand at £710,000, ahead of the Chilterns at £685,000 and High Weald at £505,000.
North Wessex Downs averages £475,000, while homes within the Cotswolds have an average value of £465,000.
Harvey adds: “While not as well-known as National Parks, these are nevertheless very desirable places to live and as such tend to be associated with relatively high house prices.”
COUNTRYSIDE APPEAL
Nathan Emerson, CEO of Propertymark, says: “Nationwide’s figures underline just how desirable homes in National Parks and National Landscapes are, and property agents see this demand first-hand.
“The appeal of the countryside, lifestyle and close-knit communities means buyers are often prepared to pay a significant premium for the right property.
“But that desirability comes with a downside for local communities. Agents regularly see local buyers competing with people relocating from urban areas, commuters and those looking for second homes or a rural lifestyle.
“With relatively few properties coming to market, that competition can make it extremely difficult for local people, particularly younger households, to afford a home where they grew up or work.
“The figures for the New Forest and Surrey Hills demonstrate just how significant that premium can be.
“These are highly attractive places to live, but the challenge is ensuring that the people who live and work in these communities can continue to afford to call them home.”
NATURAL ALLURE
Nigel Bishop of buying agency Recoco Property Search says: “There is a certain allure and level of exclusivity to owning a home in a National Park.
“Local authorities often have strict rules in place that control new developments being built which results in limited numbers of properties available for sale.
“This does create a sellers’ market and sees properties in National Parks demanding a typical premium of at least 20%.”
