Save £380,000 on house prices by commuting

New report looks at commuting to London and other cities around the country

Commuting to London by train rather than living near the office could save people hundreds of thousands of pounds, says a new report.

The Lloyds Bank study shows that many commuters in the South East make a 60 minute train journey with an average annual rail cost of around £5,000, but that they benefit from a house price that is on average, £380,000 lower than living close to their place of work in zones 1 and 2 in London.

For commuters to Birmingham and Manchester, house prices are often higher outside the city. The average house price in Birmingham is around £140,000, whereas Solihull, 15 minutes rail journey away from central Birmingham, has an average price of £274,257. Similarly, Leamington Spa, 30 minutes from the city centre, has a significantly higher average house price at £253,855.

The same applies to Manchester where an average house in the city is £134,873, lower than in Stockport (£192,172 and 15 minutes away) or Macclesfield (£231,118), Warrington (£173,581) and Chorley (£166,107) which are all half an hour from the city.

In terms of London, the report points to house prices in a selection of towns about an hour’s train journey away (including Crawley, Windsor, Brighton, Rochester, Peterborough and Oxford) which are on average around £260,000 compared to £641,000 for a property in an area within zones 1 and 2. It is also £134,000 lower than the average property price in zones 3 to 6.

Half an hour closer and house prices are higher, but not substantially so according to Lloyds. Commuters from towns in the ‘half hour zone’ pay an average house price of £283,000 and also come with a lower average annual rail pass cost of £3,719. Examples include Beaconsfield, Woking, Hemel Hempstead, Stevenage, Brentwood and Luton.

Even commuters whose journey is 15 minutes from central London, such as those living in Borehamwood or East Croydon, benefit from an average house price that is much lower (nearly £276,000) than in the central zones of the capital. The average cost of an annual rail fare in these areas is £1,986.

"It's no surprise, for London at least, that the further you commute, the more you save financially, even after travelling costs," said Marc Page, Lloyds Bank Mortgages Director. "However, quality of life is just as important a consideration for most and therefore trade-offs between type of property, schools, environment and time spent commuting all need to be weighed up carefully."

There are additional benefits for those prepared to travel longer distances to work in London though these come at a cost of a longer commute time and a significantly more expensive annual rail ticket. Commuters from Wolverhampton benefit from an average house price that is £484,000 lower than in central London but will need to endure a daily four hour round journey and an annual season ticket of more than £7,500.

In terms of numbers, Reading is the most popular station outside London for commuters into the capital (2.64 million commuters in 2012/13). There is a journey time of around 30 minutes, and an average house price of £290,358.

Discover more property articles at Homes and Property
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Support Workers - Mother's Help / Buddy Support Role

£8 - £11 per hour: Recruitment Genius: A gentleman with congenital achondropla...

Recruitment Genius: Training Officer

£30000 - £35000 per annum: Recruitment Genius: A Training Officer is required ...

Recruitment Genius: Technical Support Specialist - Document Management

£30000 - £40000 per annum: Recruitment Genius: A leading provider of document ...

Recruitment Genius: Legal Secretary

£17000 - £17800 per annum: Recruitment Genius: This is an opportunity to work ...

Day In a Page

Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea
Tunisia fears its Arab Spring could be reversed as the new regime becomes as intolerant of dissent as its predecessor

The Arab Spring reversed

Tunisian protesters fear that a new law will whitewash corrupt businessmen and officials, but they are finding that the new regime is becoming as intolerant of dissent as its predecessor
King Arthur: Legendary figure was real and lived most of his life in Strathclyde, academic claims

Academic claims King Arthur was real - and reveals where he lived

Dr Andrew Breeze says the legendary figure did exist – but was a general, not a king
Who is Oliver Bonas and how has he captured middle-class hearts?

Who is Oliver Bonas?

It's the first high-street store to pay its staff the living wage, and it saw out the recession in style
Earth has 'lost more than half its trees' since humans first started cutting them down

Axe-wielding Man fells half the world’s trees – leaving us just 422 each

However, the number of trees may be eight times higher than previously thought
60 years of Scalextric: Model cars are now stuffed with as much tech as real ones

60 years of Scalextric

Model cars are now stuffed with as much tech as real ones
Theme parks continue to draw in thrill-seekers despite the risks - so why are we so addicted?

Why are we addicted to theme parks?

Now that Banksy has unveiled his own dystopian version, Christopher Beanland considers the ups and downs of our endless quest for amusement
Tourism in Iran: The country will soon be opening up again after years of isolation

Iran is opening up again to tourists

After years of isolation, Iran is reopening its embassies abroad. Soon, there'll be the chance for the adventurous to holiday there
10 best PS4 games

10 best PS4 games

Can’t wait for the new round of blockbusters due out this autumn? We played through last year’s offering
Transfer window: Ten things we learnt

Ten things we learnt from the transfer window

Record-breaking spending shows FFP restraint no longer applies
Migrant crisis: UN official Philippe Douste-Blazy reveals the harrowing sights he encountered among refugees arriving on Lampedusa

‘Can we really just turn away?’

Dead bodies, men drowning, women miscarrying – a senior UN figure on the horrors he has witnessed among migrants arriving on Lampedusa, and urges politicians not to underestimate our caring nature
Nine of Syria and Iraq's 10 world heritage sites are in danger as Isis ravages centuries of history

Nine of Syria and Iraq's 10 world heritage sites are in danger...

... and not just because of Isis vandalism
Girl on a Plane: An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack

Girl on a Plane

An exclusive extract of the novelisation inspired by the 1970 Palestinian fighters hijack
Why Frederick Forsyth's spying days could spell disaster for today's journalists

Why Frederick Forsyth's spying days could spell disaster for today's journalists

The author of 'The Day of the Jackal' has revealed he spied for MI6 while a foreign correspondent