Would You Commute For An Hour For 60% Saving On Property Prices?
Homebuyers looking to live in London have been told the best way to be able to afford a house is to commute for an hour, as they can secure a 60 per cent saving on property prices by moving out of the city.
Many people traditionally saved money by buying rundown properties and renovating them to ensure they could live in the place they wanted at a price they could afford. That is why more and more Brits accepted – and often enjoyed – buying a house to ‘do up’, installing kitchens and bathrooms of their own choice, with brand new shower enclosures and hot water taps.
However, even buying a dishevelled house that requires a lot of work is out of reach for those who want to live in the capital, with London properties often 16 times the average wage, according to the latest survey from Lloyds Bank.
Instead, it found living 60 minutes outside of the capital could save Londoners £483,343 on costs, with houses dropping in value from £808,434 to £325,091.
Andrew Mason, mortgages director at Lloyds Bank, said: “Although many commuter towns offer affordable properties but with longer and more expensive journeys, the decision to commute is not simply a trade-off between financial costs and journey times.”
Indeed, commuters moving further out of the city will have to consider the difference in price of their travelcards. Those living in towns 20 minutes away from zones one and two have to pay £2,551 a year on travelling, while Brits moving an hour away will need to budget £5,381.
Despite this steep cost, it is likely to still be worth it to save on the extortionate expense of buying in the capital.
However, Mr Mason noted it is also about “quality of life”, with factors such as schools and environment also coming into consideration when choosing where to live.
Those who do decide to renovate their property are not alone, with AA Financial Services recently revealing Brits spent £71 million on DIY jobs in the three months leading to September this year.