AREAS OF OUTSTANDING NATURAL BEAUTY ATTRACT A PREMIUM

We looked into sales prices per square foot in 2017 across the 34 Areas of Outstanding Natural Beauty (AONB) in England to examine the relationship between natural beauty and house prices. The AONB which saw the highest premium paid in 2017 compared to the regional average was in Nidderdale in Yorkshire. Here, the average price paid for homes in 2017 was £272 per square foot, 54% higher than the regional average. New supply of properties is much more constrained in AONB and turnover of properties is often lower than average. The proportion of private homes which sold in 2017 in AONBs was 4.1%. This compares with 4.5% in other parts of the country (excluding London). As a result, the availability of properties to buy is often restricted, pushing up the price premiums. The most expensive AONB to live in is the Chilterns in South East England. Sales prices in 2017 within this area averaged £512 per square foot. This is a 35% premium to properties sold across the rest of the South East.