There is a premium for properties located within a National Park or an Area of Outstanding National Beauty (AONB) in England and Wales, research from Knight Frank has shown. Oliver Knight analyses the figures in addition to the performance of the wider market.
- The New Forest topped the National Park rankings with both the highest average house price (£451,241) and largest premium (93%), compared to average prices in its host county.
- Prices were higher than the local market average by 20% or more in the areas surrounding ten out of thirteen parks. The average premium was 42%.
- Gower – the first region in Britain to be designated an AONB in 1956 – topped the rankings with the largest premium (125%), compared to average prices in its host county.
- Separately, prices were higher than local markets by 20% or more, in the areas surrounding 33 out of 38 AONBs. On average, house prices in these areas were some 48% higher than in their local markets.
- The outlook for the prime country market is positive following the General Election, but the result is unlikely to lead to a jump in prices as the market absorbs the recent changes to stamp duty
- Prices have risen by nearly 1% so far this year and by 2.5% annually
- However, prices remain below peak levels, creating an opportunity for buyers
- Prime market activity has picked up over the last 12 months
Oliver Knight, Knight Frank Residential Research, said:
“The high quality of life connected with living in some of the most beautiful and distinctive landscapes in England and Wales is an obvious attraction for many home buyers and our research shows there is a premium for homes located within a National Park or an AONB.”
“Supply of stock in these areas can often fall short of demand as there are more restrictive planning regimes, and this is one factor underpinning pricing.”
“The Surrey Hills was the most expensive AONB or National Park in 2014 with an average house price of £568,000. Being within easy reach of London and in close proximity to major towns such as Guildford and Epsom, this is a popular commuter location and strong demand on the back of this – especially from London – has underpinned house prices.”