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1-hour commute could save you £500,000 on the price of your house

1-hour commute could save you £500,000 on the price of your house

Commuting into London could be the answer to slashing the price of the property you buy, according to new research. A study by Lloyds Bank has found that living an hour outside of the capital could save you in the region of £500,000.

House prices in the commuter towns of Windsor, Crawley, Peterborough and Rochester stand at an average of £316,000, data shows. That is in comparison with zones one and two of central London, where properties have an average price tag of £797,158, representing more than £480,000 difference.

Zones three, four, five and six may be a little better than the centre of London, but you could still save £200,000 by moving further out.  Hatfield, Billericay, Orpington and Reading, at 40 minutes away, are good options, as are Ilford and Elstree, which sit at a commuting distance of 20 minutes.

Andrew Mason, mortgage product director at Lloyds Bank, said: "Considering how far away any potential new home is to your work is often a key factor when buying a new home. While it’s not surprising that homes outside of central London are typically cheaper, the difference is significant."

For those keen to save as much money as possible and still work in London, the cheapest commuter town is Wellingborough in Northamptonshire. Here, the average price of a house stands at £197,742. Second and third spots on the list are taken by Kettering and Peterborough at £206,873 and £207,458 respectively.

Whether you’re commuting from near or far, the best way to get into work in London is by coach. You will have a guaranteed seat, air-conditioned atmosphere and reliable Wi-Fi for getting those extra tasks done. There’s no need to worry about changing Tubes or finding somewhere to park, just step aboard and relax.

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