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.