Commuters can save £3,000 per minute of travel living outside London

 
Commuters can save £3,000 per minute of travel living outside London [iStock]

People who work in London have increasingly been looking at commuter towns in recent years, with these getting more popular and more expensive as a greater number of city workers start to move away from the capital itself. 

However, while prices have undoubtedly risen in commuter regions, it doesn't mean they've become too unaffordable, with new data showing the impact of buying a home away from London itself. 

Fascinatingly, the research from Savills, which looked at more than 100,000 house sales on properties on the outskirts of the capital, found that the further you are away from the city, the cheaper homes get, even if it seems like an insignificant distance. 

According to its data, for those choosing to live in the commuter belt, every minute that they add to their commute away from the capital itself can mean a saving of an average of around £3,000 on the price of homes. In essence, for every minute less spent on the train to work, it costs an additional £3,048 to buy a house. 

This is the reason for a real rise in the number of people looking to move into the commuter belt in recent years, which has seen areas such as Luton become very popular, regenerating the areas and seeing them become commuter hubs. For many people, the cost of spending on trains to get to and from work actually appears to be offset by the savings they make on their house purchase. 

According to Savills, the average house price in inner London is £606,000, but for someone who chooses to commute just half an hour each way every day, the same home could cost them just £458,000. For those who travel for between an hour and 70 minutes each day, the cost of a house falls even further, coming in at just £337,000.