Big savings if willing to commute just 30 mins into Edinburgh or Glasgow according to Bank of Scotland
Rail commuters to Scotland’s two biggest cities are typically financially better off catching the train into the city than living close to their place of work, according to new research by Bank of Scotland.
House prices for homeowners living 30 minutes outside of Edinburgh are 36% lower (£86,371) on average, for those living 30 minutes outside of Glasgow are 13% lower (£22,000) on average.
Graham Blair, Mortgages Director at Bank of Scotland said:
“Distance from work is often one of the deciding factors for purchasing a home. It is generally true that a thirty minute commute can provide a large financial saving in terms of lower house prices. This is the case with most towns surrounding Edinburgh and Glasgow, but not Aberdeen where you need to commute around an hour to benefit from lower house prices.
“A major consideration for commuting to leading cities, such as these, is that the typically higher income that can be earned tends to go much further in surrounding towns.”
Read the Bank of Scotland press release 30th October 2017 in full click here.
You May Also Enjoy
Letting Agency Owners: Are You the Bottleneck in Your Business?
Latest developments in Renters’ Rights Bill: What landlords need to know
What Will Commonhold Mean for Property Managers?
Think You Know Mortgages? These 5 Myths Could Be Costing You Money
Just 17% of homes selling for more than £500k
