20 Sep

Commuting offers handy financial benefits to property hunters

Commuting offers handy financial benefits to property hunters

London workers who are in need of a place to live should consider property for sale in Kent after a study found it is more cost-effective to live outside the capital and commute rather than living in London.

The findings from Halifax show that residents who commute for an hour to work are benefitting from house prices which are up to 60 per cent, or £375,000, less than those in London.

Property prices within an hour’s commute from central London, such as Rochester, were about £245,000. This displays a massive difference to the average in central London, which came in it around £620,000. The average annual rail cost of areas within the zone is £4,400.

Nitesh Patel, housing economist at Halifax, said: “Commuters to London tend to get a lot more for their money than in central London (with) bigger houses for lower prices. Nonetheless, the decision to commute is not simply a trade-off between financial costs and journey times. Quality of life is also important.”

Costs are further reduced for just a 30 minute commute with house prices in places such as Sevenoaks valued on average at £275,000 and the average annual rail pass cost is at around £3,100.

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