Call for your free quote 0800 955 0058

National park properties attracts a £155,000 premium from home movers

12 Nov 2020 | News

For those looking to escape the restrictions of living in an urban area during lockdowns, living in a national park looks attractive.

With millions of people subject to restrictions in urban areas during lockdown, according to research by Lloyds Bank home movers looking to escape pay a £155,948 premium to live in a national park.

Property prices in desirable national parks have increased by an average 7% or £29,609 to £426,595 compared to the average property value in the county of £370,647.

For remortgage buyers living in national parks higher prices could allow them a further advance on their mortgage to make home improvements, subject to strict planning rules in these areas.

On average buyers are paying 58% more for homes in national parks compared to properties in the surrounding area with the highest prices of £696,568 for homes in the New Forest, Hampshire.

Premiums rising for popular parks

More people working from home may think about escaping to the country where national parks offer open spaces and picturesque scenery, although they may not be affordable to first time buyers.

The table from Lloyds Bank shows the average prices in national parks and premium paid over similar houses in the county during 2020.
National park House prices Premium
Lake District £412,213 122%
Peak District £409,452 109%
New Forest £696,568 107%
South Downs £644,483 83%
Pembrokeshire Coast £277,204 55%
Exmoor £343,897 31%
Yorkshire Dales £282,414 23%
Dartmoor £302,879 15%
The Broads Authority £299,050 14%
North Yorkshire Moors £297,445 14%
Brecon Beacons £220,110 4%
Snowdonia £197,439 0%
The largest increase is for the New Forest where house prices have increased 14% or £83,205 from last year and has a premium of 122% over homes in the surrounding area.

Next is South Downs rising 12% or £70,930 in a year paying a premium of 83% with average property values of £644,483 and more affordable for buyers from regions such as London.

If you enjoy water sports the Lake District attracts the highest premium of 122% over home outside the national park with house prices rising 10% or £37,824 year-on-year and average values are now £412,21.

For older homeowners living in national parks these higher values offer the equity release buyer access to cash using a lifetime mortgage to improve the quality of life or make home and garden improvements.

There are strict rules for making changes to homes within a national park and buy-to-let investors can find better value in surrounding areas to maximise their rental income.

Homes in national parks have risen at an average 32% or £104,028 since 2010 compared to the average for England and Wales and in the last five years is up 22% or £77,368.

Some national parks getting cheaper

To enjoy the great outdoors of the Welsh mountains, you can find the cheapest properties in the Snowdonia National Park where the average values are £197,439, which are no different than other areas.

Property values in some national parks have decreased with The Broads Authority falling -25% or -£97,054 in a year although maintaining a premium of 14% over surrounding areas.

The next biggest fall is the Yorkshire Dales down -18% or -£61,496 in the year with a premium over outside areas of 23% or £52,824.

National park homes cost 12.4 times the average local earnings compared to the national average of 7.9 and the least affordable is the New Forest with house prices 16.7 times local salaries.

Snodonia national park has become more affordable in the last decade with house prices falling from 7.4 times average local income to 6.8 times this year.

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.

Learn more by using the mortgage cost calculators, equity release mortgage calculator and property value tracker chart. Start with a free mortgage quote or call us and we can take your details.

For equity release buyers our London City Mortgage brokers can recommend lifetime mortgages allowing you to receive cash from your property to help maintain your standard of living as costs rise.


Mortgage Best Buys

These are examples of mortgage products we can approach with many more offering interest rates and flexibility to meet your needs.

1.17% Fixed Rate
60% Loan to Value
£1,025 App Fee
Until 31/09/2022
Reverts to 3.59%
1.19% Fixed Rate
60% Loan to Value
£999 App Fee
2-Years Time
Reverts to 3.59%
1.18% Fixed Rate
60% Loan to Value
£1,034 App Fee
Until 31/10/2022
Reverts to 3.59%
1.16% Fixed Rate
60% Loan to Value
£1,525 App Fee
Until 01/11/2022
Reverts to 4.09%

The latest mortgage news


12 Nov 2020

National park properties attracts a £155,000 premium from home movers

For those looking to escape the restrictions of living in an urban area during lockdowns, living in a national park looks attractive.

02 Nov 2020

House price growth reaches a two-and-a-half-year high

There are 50% more sales of properties in the pipeline with house prices at a two-and-a-half-year high helped by the stamp duty holiday.

21 Oct 2020

Mortgage rates rise as number of deals fall with cautious lenders

Mortgages numbers have halved in the last three months and rates are higher as cautious lenders prepare for the end of the furlough scheme.

12 Oct 2020

Britain’s most expensive street list reveals London as leading

The top ten most expensive streets in Britain are all in London with Kensington Palace Gardens costing the most and averaging £35m.

Call for your free quote 0800 955 0058

  • IMPORTANT

    Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.

  • WARNING

    Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.

    CONTACT

    Address:
    9th Floor, 30 Crown Place
    London, EC2A 4EB

    Phone:
    0800 955 0058

    Email:
    info@londoncitymortgages.co.uk

    London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative (FCA no. 655965) of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.

    2020 © London City Mortgages.
    Website designed & developed by Spyre Media