National Park homes seeing prices on the increase
Homes in National Park areas across the UK are seeing a greater level of appreciation than their counterpart UK property types in the likes of towns and cities throughout the last decade.
According to new figures from Lloyds TSB, the price of houses that exist in such areas of the UK have been increasing in value by a rate of around £328 per month over the course of the last ten years on average.
This follows on from other parts of the country, where it was previously reported that homes in rural areas and market towns were far outperforming the price rises which were being seen in a decade-long period in urban areas.
The bank reported that the cost of properties for sale in 2002 in National Park areas was just £194,924. Now, ten years down the line in 2012, the same homes are valued at £365,259. This represents a huge appreciation for those who invested in properties in these areas back then, as the homes have gone up by a staggering 87 per cent over this time.
It is also the case that the price of these houses is now more than ten times the national average earning power of people in the UK.
Suren Thiru, housing economist at Lloyds TSB, said: "The quality of life benefits associated with living in the some of the country's most scenic destinations resonate strongly among many homebuyers. 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."
However, he also said that there are downsides to these types of regions seeing large sale increases in the price of their houses. Mr Thiru said that when values grow so much, it can often be the case that people who are living and working there can no longer afford to do so, and need to move elsewhere as a result.
Posted at 12:45 06/08/2012