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A 60 minute commute could save London workers £480,000 on their home

Nov 02, 2017

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Latest research suggests commuting for an hour can save London homebuyers an average of £480,858 and a 40 minute commute could save £372,255.

New research by Lloyds Bank shows that house prices in a selection of towns about an hour’s train journey away from the capital (including Crawley, Windsor, Rochester, Peterborough and Oxford) are, on average, around £316,000 - £480,858 lower than the average of £797,158 for a property within travelcard zones 1 and 2. This is also significantly lower (£199,778) than the average property price in zones 3 to 6.

Homebuyers looking to buy a home in a town approximately 40 minutes away from central London (including Hatfield, Billericay, Orpington and Reading), would  pay an average price of £424,903; still £372,255 lower than in zones 1 and 2.

Even at up to twenty minutes distance away from the heart of the capital, commuters from towns such as Ilford and Elstree benefit from an average house price that is £299,328 lower than in central London.

Unlike London and the South East, commuters to some of the UK's major cities are paying more than if they lived in the city.

In other areas of the UK living in a city could work out more cost effective. For commuters to Birmingham and Manchester, house prices are often higher outside the city. The average house price in Birmingham is around £181,758, but several towns around 40 minutes away (rail) – Derby, Coventry, Burton on Trent and Leamington Spa – command higher average house prices of £225,353. 

The same applies to a number of towns that are approximately 40 minutes away from Manchester, such as Warrington, Chorley, and Macclesfield, which all have a higher house price (£216,236) than in Britain’s third largest city (£174,972).

Original source - http://www.lloydsbankinggroup.com

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