18th December 2014
The premium home buyers face for purchasing a property within a National Park has jumped from 18% to 21% new research from Nationwide has claimed.
At present there are around 190,000 households in the UK located within the boundaries of National Parks,
Given that the average house price is now £188,810, according to Nationwide’s statistics, this means with a 21% premium potential homebuyers would have to pay around £39,000 more for a property within a National Park.
The lender’s report also found that buyers face coughing up on average an extra 8% for properties within 5km of a National Park.
Commenting on the figures, Robert Gardner, Nationwide’s chief economist, said: “The premium is not limited entirely to properties located within the boundaries of the National Park. There is also evidence of a ‘fringe benefit’ for properties located just outside the boundaries of National Parks.
“National Parks are highly desirable areas in which to live thanks to the beautiful countryside. Development is also strictly controlled, with very little in the way of new housing construction, which also helps to explain why prices are relatively high.”
The group’s report also found that the South Downs National Park, with an average property price of £351,000 and a premium of £73,700 is now the most expensive National Park in which to purchase property. It is England’s newest National Park, spanning 1,624km² across Hampshire and Sussex, and contains the highest number of households, at around 47,000. The park includes a number of towns situated in the western Weald, including Petersfield, Liss, Midhurst and Petworth.
The South Downs overtakes the New Forest – which carries a typical property price of £346,000 – due to stronger price growth over the last year.