Many people dream of waking up to stunning scenery every day with gorgeous views right on their doorstep. However, this will cost you £39,000 for the privilege, according to recent research.
Data from Building Society Nationwide has shown that the premium on properties close to national parks has risen from 18% to 21%. Living in a National Park has become much less accessible during the last ten years, due to strong popularity from people looking to get a second property or live in a beautiful area. The figures also showed that the premium’s 8% for a property within 5 km of a National Park.
So, if you’re looking to make a great investment, that doesn’t lose its value (and live in beautiful surroundings to boot); you may want to see if one of the 190,000 households in Great Britain located near national parks are on the market.
The 21% price premium is equivalent to £39,000 in cash terms, based on the current average house price (£188,810 in the third quarter of 2014). This is up by 3% from a year ago, when previous research by Nationwide was carried out.
As well as this, there’s also a ‘fringe benefit’ for properties located just outside the boundaries of National Parks. These areas are very popular, due to the stunning countryside. Development’s also controlled, with little in the way of new houses being built; this helps to explain why house prices are still buoyant.
The figures show that the South Downs have overtaken the New Forest as the most expensive National Park in which to buy property. It’s England’s newest national park and spans Hampshire and Sussex with the highest number of households. The park includes a number of towns such as Petersfield, Midhurst, Liss and Petworth. Have a look at the table below to see the average house price and percentage change over the last year.
There’s an indicative premium on each park also calculated:
As you can see, The Peak District has the highest number of people in it, with 5.9 million living within 25km of its boundary. The central location makes it accessible from population centres such as Derby, Sheffield and Manchester. Average prices within the park have increased by 11% over the last year.
In Scotland The Cairngorms is the largest national park by land area and located in a sparsely populated part of the country. Loch Lomond and the Trossachs are close to big cities such as Glasgow and Edinburgh, with 1.1 million people within 25km.
In Wales, national parks cover 20% of the land area, the highest proportion in comparison to other national parks. Snowdonia is the least expensive park to live in – although there was strong growth over the last year.
If you enjoy walking, nature, the countryside and big open spaces; it could be worth looking at a purchase in one of these beautiful parts of the country.
You can also benefit from the fact that your property will likely always be in high demand, so this is for people looking to make a solid, long term investment.