Living on the outskirts: How beneficial is it to live in the commuter belt?

 
Living on the outskirts: How beneficial is it to live in the commuter belt?

For many young people who move to London every year for work purposes, getting a place to live in the capital itself offers exciting opportunities and a fast-paced way of life that just can't be found anywhere else. However, it is an expensive place to live, and one trend that we have seen in recent times is for people to move a little further out, into what is known as the commuter belt, in order to save some money. 

So just how much cheaper can it be to live outside of the capital in one of the less expensive area? According to Lloyds Bank, people who are looking to buy a home outside of the city can actually save themselves as much as 60 per cent on the price of their property. 

In its latest house price analysis, the company compared the price of living in London to living in the commuter belt, and found that the price of a house drops from £722,000 on average in London to just £272,000 an hour outside of the capital in a smaller commuter town. 

Towns that are an hour’s commute from central London include Crawley, Newbury, Colchester and Chatham, and even when the travel price of £5,000 on average is considered for workers in the capital, the average house price will still make it far cheaper to live in one of the increasingly popular commuter towns than in London itself. 

"It's no surprise, for London at least, that the further you commute the larger the difference in house prices although, of course, the journey also gets longer and more expensive," said Andrew Mason, mortgages director at Lloyds Bank.
 
However, it's important to remember that for many people, the choice to live in London will come down to lowering the time it takes to travel into the city, as well as enjoying the quality of live that can only be enjoyed in the capital. 

"The decision to commute is not simply a trade-off between financial costs and journey times. Quality of life is an important consideration and in nearly all towns in this survey housing affordability is significantly better with a London salary compared to what can be earned locally," Mr Mason said.