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Wednesday, 27 June 2012

House prices in UK’s official beauty spot hits the roof

Latest reports from the property market reveal, house prices in UK's most spectacular sites is seen climbing sharply.

The prices have been noticed to increase by an average of nearly £110,000 in the past ten years.  This makes it an average of £900 a month in the past decade of such Areas of Outstanding Natural Beauty (AONB), UK.

According to the report by Lloyds TSB, home prices have surged in four areas of AONB.  The beauty spots included the likes of - Solway Coast in Cumbria, the Northumberland Coast, the Kent Downs, the Forest of Bowland in the North West and Cornwall.

Where these places saw themselves getting a doubled price, there on the other spectrum, are places which have registered not so massive growths. These were Dedham Vale on the Suffolk-Essex border which saw a steep rise in price at about 61%, with North Wessex Downs saw a rise of 66%.

The report further states that the average home prices in these areas have outgrown the average annual gross earning by seven times, marking a price of £235,215 in 2012, thereby making it actually exorbitant  and has made its affordability sinking.

The report found that people pay nearly £15,000 to stay in such areas. Among them, Surrey Hills is the most expensive AONB in England costing £407,568 while the Forest of Bowland is the most expensive outside of southern England, property prices of £212,301.

"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," explains Suren Thiru, housing economist for Lloyds TSB.

"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," Thiru adds.

Whether an area is outstanding or not, is defined in previous landscape whose distinctive character and natural beauty are so outstanding that it is in the nation's interest to safeguard them.

The price of buying a home has inflated in recent times and has thereby definitely outdone the rise in the cost of living of people.


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