Beauty spot homes up 87% in value
Filed under: House Prices
Solway Coast in Cumbria, the Northumberland Coast, the Kent Downs, the Forest of Bowland in the North West and Cornwall all saw prices more than double over the period, Lloyds TSB said.
The study of Areas of Outstanding Natural Beauty (AONB) found that affordability in these places has decreased significantly over the past decade. The average AONB house price of £235,215 in 2012 is around seven times higher than average gross annual earnings, up from a multiple of 4.9 in 2002.
Lloyds TSB housing economist Suren Thiru said: "The relatively high property values in many of these locations reflect the quality of life benefits associated with living in some of our most idyllic beauty spots. However, the fact that property prices have typically risen considerably faster than average earnings has created significant affordability difficulties for many of those living and working in such locations."
Surrey Hills is the most expensive AONB in England with an average house price of £407,568 while the Forest of Bowland is the most expensive outside of southern England, with typical property prices of £212,301.
The study found that home buyers pay a premium of nearly £15,000 to live in such places, compared with house prices for the surrounding area.
Two thirds of AONBs have a higher average house price than the regions that they are located within.
Surrey Hills in the south east has the largest premium, with houses trading at an average of 50% above the average house price in the region.
The study used Land Registry sales figures for the 12 months to March.
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