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It means you save 450,000 on your house price, but costs you 2 hours a day - how far would YOU commute?


09-27-2016

 

You can save a staggering amount of money by moving outside London - and even afford a home of your own - but could you handle the commute?

 
Houses in a residential area
Getty 
You get a lot more house outside London

London workers could save nearly 450,000 on the cost of a home - if they are willing to commute from outside the city for an hour each way per day, according to research.

Towns that are an hour's commute from central London, such as Wellingborough, Southend, Sittingbourne and Rugby, have an average house price of 294,903, compared to the average price of 741,919 for a property close to work, Lloyds Bank found.

The difference would make an average saving of just over 447,000 - or around 60% - on property prices.

And some London commuters end up paying more to live outside the city. For example, the typical property value in Beaconsfield is 996,212, in Gerrards Cross it is 822,363 and in Harpenden it is 747,602.

The price of an hour's commute

447,000

Cheaper house

4,989

Season ticket

442 hours

Time spent commuting each year

Source: Lloyds Bank

Andrew Mason, Lloyds Bank mortgage products director, said: "Commuters to London who don't mind a longer journey between home and work could reap the financial benefits of living outside of the capital.

"However, the decision of whether to live in the city or further away is not simply a trade-off between financial costs and journey times. Quality of life is also a major factor: family circumstances, better schools, physical environment and homes that offer better value for money also come into the equation.

"That explains why, especially outside London, commuters are often prepared to pay a premium to commute when they could be better off in purely financial terms living closer to their place of work."

www.mirror.co.uk

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