Home buyers willing to spend an hour travelling into central London can save up to £480,858 on the cost of buying a home.

Property prices are about 60 percent lower than London in towns such as CrawleyWindsorRochesterPeterborough, and Oxford, with average house prices of around £316,000.In comparison, the average cost of a home in London travel Zones 1 and 2 has reached almost  £800,000, according to the report by Lloyds Bank.

Wellingborough in Northamptonshire emerges from the study as the least expensive commuter town with an average property price of around £197,000, followed by Kettering, also in Northamptonshire and Peterborough in Cambridgeshire, a close third.

Of course, property prices can’t be the only financial consideration when considering a move outside of London. The current annual rail pass for commuters traveling for 60-minutes costs an eye-watering £5,169 on average, but if the sums stack up, you could buy 93 years worth of travel with the average savings made on the property.

THE CHEAPEST COMMUTER TOWNS WITHIN AN HOUR’S COMMUTE OF LONDON

Town County Average house price (July 2017) Fastest train to central London
Wellingborough Northamptonshire £197,743 51 minutes
Kettering Northamptonshire £206,873 59 minutes
Peterborough Cambridgeshire £207,458 53 minutes
Swindon Wiltshire £234,466 59 minutes
Chatham Kent £234,652 54 minutes
Rugby Warwickshire £237,263 50 minutes
Northampton Northamptonshire £238,306 48 minutes
Luton Bedfordshire £250,593 24 minutes
Sittingbourne Kent £254,457 60 minutes
Basildon Essex £259,176 38 minutes

Source: Lloyds Bank, Land Registry, ONS

 

TOWNS WITHIN A 40-MINUTE COMMUTE OF LONDON

If an hour-long commute sounds too much, there can also big savings to be made on 40 and 20-minute journeys, the research from Lloyds Bank reveals. 

Homes in towns such as HatfieldBillericayOrpington and Reading cost just under £425,000 on average, which is almost half the cost of central London prices. An annual rail pass costs around £3,615 for a 40-minute commute. Even traveling just 20-minutes can save homebuyers almost £300,000, with rail passes from towns such as Ilford and Elstree costing £2,481 a year.

The distance between a potential new home and the office is a key factor for many house hunters, but Andrew Mason, mortgage product director at Lloyds Bank, believes commuting is an option worthy of serious consideration.

Not only do you get more house for your buck outside of central London, but commuters living in the 10 most affordable commuter towns are earning over £9,000 more per year on average than they would be in their place of residence.

“Commuting to London is a smart move for those wishing to benefit from the higher wages on offer while buying a cheaper and typically larger home,” he said.

THE TOWNS WHERE IT DOESN’T PAY TO COMMUTE

There are, however, a handful of commuter towns that command higher house prices than central London. Homes in Beaconsfield, for example, cost an average of £1,054,000, with Gerrards Cross (£903,000), Ascot (£824,000) and Weybridge (£822,000) also more expensive.

Commuting to other major UK cities is unlikely to be cost-effective.

Homes in the second biggest city of Birmingham cost £182,000 on average, yet the towns of DerbyCoventryBurton on Trent and Leamington Spa - all roughly 40 minutes away by train – command significantly higher average house prices of £225,000.

The situation is similar in the third largest city of Manchester, where the average house costs £175,000. Go house hunting in the nearby towns of MacclesfieldChorleyWarrington, however, and you can expect to find higher average house prices of £216,000.

 

3 THINGS ESTATE AGENTS DO IN YOUR INTEREST THAT YOU MAY NOT KNOW OF

There has always been speculation and negative talk on Estate Agents, but we’re here to turn that around as we work closely with the agents on our portal. We’ve now curated a list of 5 things Estate Agents do in your interest that you may not be aware of:

TIP #1: Area Research

Estate Agents make sure that they have an in-depth understanding and appreciation for the community they are serving, as this will better their chances in assisting you in either selling your property or buying one. Either way, them having a closer understanding of the area benefits you in general.

TIP #2: Market Research

Estate Agents strive to be on top of the property market as this will aid them in negotiating prices with Landlords or vendors as well as helping you to understand when is the best time to make an investment in regards to anything property related.

TIP #3: Support other local businesses

Agents are always getting involved in local community events or supporting other local businesses in the area via sponsorships, campaigns and etc. Doing this allows Agents to have a close tie with the community and also, in turn, become your tour guide into the community.

So these are just things that Agents do in your interest!

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Also if you have any tips that you could recommend to us, share them in the comments and we’ll be highlighting them in our upcoming articles on Estate Agents and their services.