DCSIMG

Premium paid for Peak property

Stock pic... Plague Village ... Eyam in the Peak District....   See story      Picture Chris Lawton  
6th April  2005

Stock pic... Plague Village ... Eyam in the Peak District.... See story Picture Chris Lawton 6th April 2005

Home buyers are paying higher premiums to live in the Peak District than any other national park in England or Wales.

They face an extra 107 per cent for the privilege of owning property in the Peaks.

In monetary terms that equates to £162,650.

Across all national parks in England and Wales, the premium paid by buyers averages 45 per cent, or about £90,000, according to a study by Lloyds TSB.

The national parks premium is now 55 per cent higher than it was ten years ago when it stood at £56,626, the study found.

The New Forest and the Lake District have the next highest premiums, while homes in Snowdonia are the most affordable relative to the local area, with buyers paying a narrower margin of six per cent or £8,763 more to live there.

Welsh National Parks tended to have smaller premiums compared with the local area, with Pembrokeshire and the Brecon Beacons also lying towards the more affordable end of the findings.

Suren Thiru, housing economist at Lloyds TSB, said: “The quality of life benefits associated with living in some of the country’s most scenic destinations resonate strongly among many buyers.

“Such destinations are also popular with those looking for a second property. As a result, properties in National Parks typically trade at a significant premium to homes in neighbouring areas.

“The downside of high property prices is that homes are often difficult to afford for those living and working in such locations, a situation that has got worse over the past decade as prices have risen sharply.”

The typical home in a National Park costs more than ten times annual earnings at £365,259, up from just over seven times local wages a decade ago.

The New Forest is the most expensive park in the study, with homes costing £474,883 on average, or more than 13 times local average annual earnings. By comparison, homes in Snowdonia cost around six times wages in the area.

The study used Land Registry sales records from this year.

Northumberland National Park was excluded from the research due to insufficient figures.

In descending order, the highest premium and its monetary equivalents, were found to be

1. Peak District, 107 per cent, £162,650

2. New Forest, 94 per cent, £230,295

3. Lake District, 70 per cent, £111,912

4. South Downs, 64 per cenet £161,303

5. Dartmoor, 50 per cent, £104,802

6. Yorkshire Dales, 47 per cent, £90,471

7. Exmoor, 29 per cent, £61,172

8. The Broads Authority, 25 per cent, £47,451

9. Pembrokeshire Coast, 25 per cent, £38,673

10.North York Moors, 11 per cent, £23,331

11. Brecon Beacons, eight per cent, £14,798

12. Snowdonia, six per cent, £8,763

 

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