A report recently published by Lloyds Bank National Parks Review has concluded that prospective home owners must pay in excess of £100,000 extra for the privilege to live in some of the nation’s most scenic landscapes. Compiled from data gathered between January and June 2015, the report highlighted the dramatic disparity between house prices in the National Parks of England and Wales and their country average, finding them on average £101,880 higher, equating to a percentage premium of 44%.
New Forest National Park tops the list
Properties within the confines of the New Forest National Park command the largest premium in relation to the average for the surrounding area when looking from both percentage (94%) and monetary (£258,042) angles. The Parks with the next highest percentage premiums relative to their respective surroundings areas are the Peak District (89%) and Lake District (72%).
National Park average on the up
Over the past decade the average house price in the National Parks of England and Wales has experienced an increment of £57,718 (21%), an upward move from £275,037 in 2005 to £332,755 in 2015. This figure is on average 10.9 times higher than local average gross earnings, far higher than the comparable ratio of 7.6 for England and Wales as a whole.
Thomas Fuller of the Fordingbridge office says that “this report provides statistical evidence for what many of us already know, namely that there exists a hefty inbuilt premium to pay for the privilege of living within the New Forest and the lifestyle associated with it. Regardless, the New Forest remains a prime location targetted by first and second home owners, and the level of demand from those fortunate enough to have the wherewithal to pay that premium is stronger than ever, given the current shortage of supply.”
If you live within the New Forest National Park and are thinking of selling or you simply require sensible, up-to-date advice on the value of your property then please contact your local New Forest Woolley & Wallis office.
Fordingbridge – 01425 655900
Lymington – 01590 689878
Ringwood – 01425 472421