The increasingly unaffordable price of property in London has seen the popularity of commuter zones around the capital explode in recent months. As buyers look further out to find affordable property prices, online estate agent eMoov.co.uk has highlighted where those working close to London’s main train hubs could half their property costs, by doubling their commute time.
Buying a property isn’t always about price, location is often the most important factor when looking to get on the ladder. However with an average house price of £588,000, buying in London can often mean sacrificing the desired location and an easy commute, for a more affordable area.
So if a lengthy commute is inevitable, why not make the most of your money and move further out?
For those commuting into Kings Cross from areas such as Edgware, where the average house price is £443,772, a trip along the Northern line can take 33 minutes. However just under an hour’s direct commute out of London, you could buy a property in Peterborough for a fraction of the cost with an average house price of £190,000.
Life on the south coast is desirable for many, but is often seen as a retirement option for those working in and around London. However with a direct commute from Southampton to London Waterloo taking just 1 hour and 10 minutes, working in London during the week and spending your weekend in the New Forest, is a very real possibility. Moving to Southampton where the average house price is £248,000, could save you £375,000 compared to an area such as South Wimbledon where the daily commute on the tube still takes you 35 minutes into Waterloo.
The popularity of commuting from east of London has increased due to developments such as the C2C line and the availability of affordable property in Essex in particular. However Kent also offers a very real possibility where commuting to the capital is concerned. For those commuting into Victoria a journey on the Victoria line to Walthamstow Central will take you 34 minutes.
Rochester, located close to the coast line of England’s Garden, offers a commute of just 51 minutes and an average house price of just £226,000. That’s £143,650 cheaper than a property in Walthamstow.
Even a short journey in from areas such as Shepherds Bush, where the average house price is just below £700,000, to Liverpool Street can take around 30 minutes just to cross the capital.
For a commute of 1 hour and 8 minutes, Ipswich offers a much cheaper alternative, again closer to the coast. With an average house price of £220,000, a property here will cost you less than a third of those around Shepherds Bush, but you will still be within commuting distance of the Liverpool Street.
Paddington can sometimes be tricky to commute to by tube, often involving a change or short walk from station to station. Even a short trip east to St Johns Wood, where the average property costs £1.3m, can take as long as 25-30 minutes.
However commuting from Swindon can not only save you over a million on the price of your property, but will also offer you a direct commute into Paddington taking just 59 minutes on the fast train.
Heading in to Marylebone from commuter zones in London such as Harrow, again requires around a half an hour stint on the Metropolitan line. That’s if you have money left for your travel card after forking out for the average Harrow house price of £413,000.
With an average house price of £271,277, Leamington Spa offers the option of a more affordable property, with a commute directly into London Marylebone of just over an hour.
For the sake of an extra hour commuting a day, you can save yourself £140,000 on the price of your property.
Although the savings are substantial, it’s worth taking into account the price of your yearly travel pass.
Founder and CEO of eMoov.co.uk, Russell Quirk, commented:
“We’ve seen the commuter trend move from the outer London boroughs to surrounding areas outside of the capital. Who’s to say this won’t continue as house prices in these new commuter zones catch up with their new found demand?”
Although an hour’s commute might seem a lot, when you consider the money you save for 25 to 30 extra minutes on the train and how much more you get for your money, it could make sense really.”