Beauty spot homes up 87% in value

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A study found home buyers pay a premium of nearly 15,000 pounds to live in Areas of Outstanding Natural Beauty // A study found home buyers pay a premium of nearly 15,000 pounds to live in Areas of Outstanding Natural Beauty
A study found home buyers pay a premium of nearly 15,000 pounds to live in Areas of Outstanding Natural Beauty
Homes in some of England's most idyllic beauty spots have increased by 87% - or nearly £110,000 - in value over the last decade, a study has found.
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.
At the other end of the spectrum, Dedham Vale on the Suffolk-Essex border recorded the smallest increase with a 61% rise, followed by the North Wessex Downs, where prices rose by 66%.
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.
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