House prices in picturesque locations soar
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by Gill Montia
Homeowners in some of the most picturesque locations in England have seen the value of their properties rise by over £900 a month, on average, over the past ten years.
According to research from Lloyds TSB, prices in postal districts within England’s 32 Areas of Outstanding Natural Beauty (AONB) have risen 87%, or £109,355, since 2002.
At £235,215 the value of the typical AONB home is around seven times average gross annual earnings, with the multiple having increased from 4.9 in 2002.
Solway Coast in Cumbria has recorded the biggest increase over the past decade, at 124.5%, followed by the Northumberland Coast (123.8%).
The Kent Downs (115%) and the Forest of Boland in northern England (107%) follow on, with Dedham Vale on the Suffolk-Essex border recording the smallest rise (61%).
Surrey Hills is currently the most costly picturesque location, with an average house price of £407,568, followed by High Weald (£329,441) and the Kent Downs (£320,090).
Outside southern England, the Forest of Bowland is the most expensive AONB (£212,301) while in the Lincolnshire Wolds the value of the typical home stands at a mere £128,608.
Lloyds TSB housing economist, Suren Thiru, comments: “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.”
She adds: “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.”
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