A 60 minutes commute into central London can save 60% on the average property according to Lloyds Bank research

Workers in Central London can save an average of £483,342 by commuting up to an hour each day, according to new research by Lloyds Bank.

Lloyds Bank reveals that homeowners living 60 minutes outside of Central London pay 60% less for average property.

Andrew Mason, Mortgages Director at Lloyds Bank, said:

“Buying a home in Central London is out of reach for many where house prices are around 16 times the average wage. 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, as quality of life is an important consideration.

“Family circumstances, schools, physical environment and value for money all come into the balance. In almost all towns in this survey, housing affordability is significantly greater with a London salary compared to what can be earned locally and for commuters with up to an hour’s journey, the reward is an annual salary that is, on average, £8,600 (18% ), higher than what they could earn in their local neighbourhood which is around £40,000.”

Read the Lloyds Bank research report 20th October 2018 in full click here.

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agents should not all look the same
Estate Agent Talk

How to Become an Estate Agent with No Experience

Breaking into the property industry can seem intimidating – especially if you’ve never worked in it before. But the good news? You don’t need years of experience or fancy qualifications to start a career as an estate agent in the UK. In fact, many successful estate agents started with no background in property at all.…
Read More
buying at auction uk
Estate Agent Talk

9 Advantages of Selling Your House by Auction

Selling your house by auction might seem like a daunting prospect, but it comes with numerous advantages that can make it a highly attractive option. While the traditional method of selling through an estate agent has its place, auctions are increasingly becoming a popular choice for homeowners looking for a swift and reliable sale. Here…
Read More
Breaking News

Majority of Tenants Unsure How Changes Will Affect Them, Says LRG

With major changes to the private rental sector on the horizon, 62% of tenants say they don’t know whether the government’s Renters’ Rights Bill will address their concerns – highlighting a growing need for clearer communication around what the reforms will mean in practice. LRG’s latest Lettings Report shows that while landlords are widely aware…
Read More
Home and Living

Perfume Storage Tips: How to Keep Your Fragrances Fresh

Perfumes are sensitive compositions that can be significantly affected by how they are stored. Proper storage ensures that your favorite fragrances stay fresh and maintain their intended scent profile. In this article, we’ll explore practical, fun, and effective tips to help you preserve your perfumes in perfect condition. Understanding the Sensitivity of Perfumes Perfumes are…
Read More
Breaking News

Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords

Ministers need to tell landlords and tenants when measures in the Renters’ Rights Bill will take effect the National Residential Landlords Association (NRLA) is today warning. The Government pledged last year to abolish Section 21 ‘no explanation’ repossessions and to make other changes to the rental market this summer. With the Bill not scheduled to…
Read More
Breaking News

Breaking Property News 02/04/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Made Snappy 360 appoints new CEO and Sales Director to accelerate growth in the property technology space Made Snappy 360, the fast-growing proptech company known for its virtual tours and floor plan technology, has appointed industry veteran Mark Beresford-Ward as its new Chief Executive…
Read More