Workers in Central London can save an average of £483,342 by commuting up to an hour each day, according to new research from Lloyds Bank.
Property prices in a number of towns that are approximately an hour’s train journey away from the capital, including Crawley, Basingstoke and Windsor, are on average around £325,091. This figure is a tremendous £483,342 lower than the average of £808,434 for a property within travelcard zones 1 and 2, and significantly lower (£202,424) than the average property price in zones 3 to 6.
The difference between house prices for commuters travelling roughly 60 minutes would pay for the current annual rail cost (£5,381) for 90 years. The difference of £375,114 would pay for the current annual rail cost for almost a century.
Homebuyers looking to buy a home in towns approximately 40 minutes away, such as Billericay, Hatfield and Woking will pay an average of £433,320, which is still £375,114 lower than in zones 1 and 2.
Lloyds Bank mortgages director Andrew Mason commented: “Buying a home in Central London is out of reach for many where house prices are around 16 times the average UK wage. In almost all towns in this survey, housing affordability is significantly greater with a London salary compared to what can be earned locally and for commuters with up to an hour's journey, the reward is an annual salary that is, on average, £8,600 (18% ), higher than what they could earn in their local neighbourhood which is around £40,000.”
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