Coast to city cuts property values by £4,300 per minute
Commuting from coast to city can save homebuyers as much as £4,300 per minute
New research from Yopa, the full-service estate agents, has revealed where the nation’s homebuyers can secure a coastal lifestyle whilst also remaining within commutable distance of a major city, saving themselves hundreds of thousands of pounds in the process.
Yopa analysed house prices across five major cities before looking at the cost saving on offer when commuting from the most affordable coastal destination found within arm’s reach of each major city and what this equates to as a saving per minute when considering the time taken to commute.
London
It’s no surprise that commuting from the coast could save you the most when heading to London for work, with the capital home to an average house price of £552,073.
Opting for Folkestone could see you stand to save the most, where the average home costs just £309,985 – making it 44% more affordable than the capital. With a commute time of 56 minutes, that’s a saving of £4,323 per minute.
With many of us now maintaining a degree of flexible working, Yopa’s analysis also shows that traveling from Folkestone to London three days a week would require a season ticket cost of £7,136, meaning you could commute for almost 34 years with the money saved by buying by the coast.
Manchester
Commuting from Blackpool where the average property costs £136,917 would save you £109,713 versus the average Manchester house price of £246,630.
Over the 67 minute commute, that’s £1,638 saved for every minute of the journey, whilst a three day annual season ticket for the train would cost just £4,336.
Newcastle
The coastal town Tynemouth, found within the local authority of North Tyneside, is home to an average property price of £196,764. This makes it 6.8% more affordable versus the current average of £211,160 found in Newcastle – a saving of £14,396.
With a commute time of 37 minutes from Tynemouth, that’s a saving of £389 per minute, whilst an annual season ticket to travel on the metro comes in at just £985.
Leeds
Those looking for a coastal commute to Leeds should head to Bridlington, as in doing so, they can save £21,553 on the average value of a home, equating to a saving of £180 per minute, albeit it’s a lengthier commute than most at 2 hours.
Bristol
For those looking to the coast from Bristol, Weston-super-Mare offers the biggest saving, with an average house price of £313,487 coming in £53,464 more affordable than the average Bristol home. With a commute of just 29 minutes, that’s a saving of £1,844 for every minute commuting in from the coast.
Yopa’s National Franchise Director, Steve Anderson, commented:
“Major city centres and the great British seaside are two areas of the property market that tend to be far less affordable due to the high demand for what is essentially a restricted supply of homes.
However, for those already facing the high house prices associated with living in a major city, looking to the coast as a commutable option could see you save a significant amount.
So not only can you enjoy the benefits of living along the coast, but you can do so without forsaking the higher earnings on offer from working in the city and, the money you do save on the value of a home can go someway in covering the cost of commuting.”
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