By Harry Glass
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House prices have more than doubled in the last decade in four Areas of Outstanding Natural Beauty (AONB) including two in the North West of England.
The Forest of Bowland in Lancashire and the Solway Coast in Cumbria both saw properties leap in value according to Lloyds TSB, which used Land Registry sales figures.
The Kent Downs and Cornwall also saw prices more than double over the period, but the Solway Coast topped the list of highest increases with the average value up 124 per cent or £98,727 to £178,049.
Looking tasty: Steve Coogan and Rob Brydon in the television series The Trip, in which they embarked on a restaurant tour around some of the most beautiful parts of northern England
Lancashire hotspot: A cycle race through the Trough of Bowland, where property prices are highest outside of southern England
However, this was still the cheapest AONB for average property prices, with the average coming in at £235,215 in 2012, seven times higher than average gross annual earnings, up from a multiple of 4.9 in 2002.
The Forest of Bowland is the most expensive English AONB outside of southern England, with typical property prices of £212,301 - and that is 107 per cent or £109,496 higher than in 2002.
The average price of a property in Cornwall’s AONBs is now just under £220,000 â€" a £112,500 increase on the price ten years ago, which represents a rise of 105 per cent. Average house prices across the South West in general are about £182,000.
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.'
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.
The price of buying a home has hugely outstripped the rise in the cost of living over the past sixty years, with most of the property inflation delivered by the 1997 to 2007 house price boom.
Research from property website PrimeLocation last week claimed that there is £5.6trillion worth of residential property in Britain - although this has been calculated on estate agent asking prices which can be notoriously optimistic. The study also fails to take into account mortgage debt, which greatly reduces the chunk of their homes that people actually own as wealth.
The PrimeLocation report delivers a much larger estimate of the value of the nation's properties than a wider-reaching exercise by Lloyds TSB Private Banking recently, which put the total value at £3.9trillion.
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Population continues to grow and people will allways want to live in nice places and land is not being made anymore property will always be a better investment than anything else. People have realized this and that's why we have seen the masive price hikes in the last 20 years Flats at the bottom of the market (ex council) in Coventry have gone up 6 fold!! In 18years. - Curtis, Coventry, 11/6/2012 18:51@@@@ Shares would have earned you 9 x property over the Queens reign and Fine Wines x 53 - So you are wrong Sir - property is not a better investment than anything else over the past 60 years at least!!
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I have just paid more for a 3 Bed Semi, Ex-Council House in the Lake District in an Area of Natural Beauty for more than I have put up for sale (on Ebay) a 6 Bed Detached House in Brittany with a 4 Car Detached Garage, overlooking a Lake. Illogical. I know where I would rather be.
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Population continues to grow and people will allways want to live in nice places and land is not being made anymore property will always be a better investment than anything else. People have realized this and that's why we have seen the masive price hikes in the last 20 years Flats at the bottom of the market (ex council) in Coventry have gone up 6 fold!! In 18years.
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- Phil, Salisbury, 11/6/2012 17:16 I thnk you are probably right which would explain why some areas are seeing a drop in value and why the average price doesn't reflect whats happening in many locations.
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Doubling in a decade equals 7% p.a.; perhaps the headline ought to read "Property values in sought-after Beauty Spots keeps pace with inflation".
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It should read 'Property prices double in a decade in official beauty spots halve in the ugly ones' !
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