People could save £450,000 (60%) on the average cost of a house by simply moving out of London
According to research by Lloyds bank, people working in London could save themselves almost £450,000 or 60% on the cost of a house if they chose to live outside of the city and commute into London every day.
The study shows that average house prices drop by 60% from £741,919 in central London to £294,903 in towns such as Wellingborough and Chatham that are only an hour away from London.
Lloyds continue to say that even when taking into account the typical annual rail cost for a one-hour daily commute each way at £4,989, a commuter would have to make the same journey for 89 years for the total rail costs to wipe out the benefit in house prices.
The top 5 most affordable commuter towns outside of London for house prices are:
⦁ Wellingborough in Northamptonshire
⦁ Peterborough in Cambridgeshire
⦁ Kettering in Northamptonshire
⦁ Chatham in Kent
⦁ Swindon in Wiltshire
In Wellingborough in Northamptonshire is seen as the most affordable commuter town, where the average house price of £183,345 is 4.1 times the average annual earnings for central London workers. The next most affordable town outside of London is Peterborough in Cambridgeshire where the average house price is 4.2 times the typical annual earnings in London, at £189,319.
If you don’t wish to be that far from London, then towns such as Hatfield, Billericay, Orpington and Reading are only about 40 minutes away from London. In these towns you could potentially save 48% or £353,000 compared to London’s house prices. The average house prices in these towns is around £389,000 and with a lower average annual rail pass cost at £3,534.
Andrew Mason, Lloyds Bank mortgage products director, said:
“Commuters to London who don’t mind a longer journey between home and work could reap the financial benefits of living outside of the capital.”
“However, the decision of whether to live in the city or further away is not simply a trade-off between financial costs and journey times. Quality of life is also a major factor: family circumstances, better schools, physical environment and homes that offer better value for money also come into the equation,”
Mr Mason continued:
“That explains why, especially outside London, commuters are often prepared to pay a premium to commute when they could be better off in purely financial terms living closer to their place of work.”
Why not sell your London home and move outside of the city to save yourself a lot of money. Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Why not check out our National Homebuyers reviews.
Is London facing a mass exodus of homeowners?
Rising living costs and prohibitive transport prices are forcing young talent to rule out the capital as a prospective place to live and raise a family, eschewing the career benefits that the city offers.
It’s no secret that many view property prices in London as extortionate, with homes costing up to 13 times the average worker’s wage and skilled service workers having to work in the region of 14 years just to afford a deposit on a 60sqm house. For many decades, this has been an acceptable part of the capital’s lifestyle, where the benefits of job availability, high levels of pay and the ‘bragging rights’ of living at the epicentre of the international business world are worth the hassle of expensive living.
Recently, however, the tide has shown a change of direction – and the number of those leaving London to enjoy shorter commutes and cheaper living is rising rapidly. Even those whose families have lived in the capital for generations are upping sticks and fleeing to pastures new.
London itself has always attracted highly-skilled workers to help it solidify its position as the most successful city on the planet, but it is now facing a huge crisis, as those same workers are finding the living costs too much to bear. In a recent poll, four out of five Londoners in their twenties admitted to considering leaving the city for good, begging the question how long the capital will continue to function at such a high level if it can’t retain the best talent?
The greatest concern for attracting talent is that many younger people of child-rearing age are slowly realising that they would be unable to afford to raise a family in London, so would be forced to choose between their career and the urge to have children.
Another huge issue for those looking to move out of the capital is finding a UK homebuyer with the necessary wealth to afford their homes, along with the huge day-to-day expenditure the city requires. However, considering that many moving to the city are in house-sharing situations due to exorbitant rent prices, the pool of those wealthy enough to buy a London home is becoming smaller and smaller.
Of course, there are other options for sellers, such as house buying companies who can help those looking for a quick house sale and will buy any home for cash, but the continuing exodus of workers (63,000 families in 2015 alone) does not bode well for the city’s future – with Liverpool, Manchester and Birmingham-based companies offering similar career prospects but with a cheaper lifestyle and a shorter commute, leaving London facing the prospect of a talent vacuum.
Are you one of the many homeowners looking to sell your house quickly? Ask National Homebuyers for advice, as we guarantee to buy any home. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Bomb Proof London Fort on River Thames on Sale for £500,000
In November this year an offer for a very unique building with an unforgettable address in London fell through. Now available to buy again No.1, The Thames (yes this is its real address) has come back onto the open market for £500,000. This property is a bomb proof fort situated in the Thames Estuary which is currently derelict but could be transformed into a seven-bedroom mansion.
The property’s location in Sheerness is within a 50 minute commute to central London. However that is if you own a speedboat because when the tide is high the property is surrounded by water. Only at low tide can you exit the property on foot wearily across a half mile muddy causeway.
The Fort is being sold by Simon Cooper, a London based builder at a price tag which is less than some one-bedroom flats in London. This unique building built in 1855 which has one of the finest addresses in London is being sold by River Homes who say on their website.
“The bomb-proof 150 year-old estuary gun emplacement is a kilometre off the Isle of Grain shore at the strategically important point where the Thames meets the Medway. The original tower is similar in design to the Martello towers which were first constructed as a defence against Napoleon in the early 19th Century. The property is of course in need of complete renovation (STPP) and includes land which runs from shore to and beyond the building as well as a good sized plot on land as well as deep water moorings.”
This property was featured in a BBC report when Gareth Furby took a tour of the Fort with estate agent Nigel Day – the report can be seen below:
We believe this Fort belongs more in the post apocalyptic movie Waterworld than it does in modern day London. So what could you do with such a unique building if you have a spare £½ million to buy it with. Yes you could turn it into an awesome seven bedroom house, but where’s the fun in that! Better to turn it into an exclusive night club only accessible by speedboat.
Or maybe your more ambitious and you want to start your own island society complete with micro economy or better still become you very own James Bond villain and turn it into your evil lure where you can conspire villainous plans. OK OK my imagination is running away with me now but the possibilities for this Fort are endless if you have the right amount of money and lets be honest who doesn’t want the best address in London.
This derelict property went on the market originally in October 2014 which means that it has been more then a year without a buyer so the longer it sits on the market the more money it is costing the current owner Simon Cooper. But there are options available for people in Mr Cooper’s position who have unique properties they are struggling to sell and that is to contact a UK cash property buyer like National Homebuyers who will buy the building outright for cash.
If you have had an offer fall through on your property or you have a property that has been on the market for a long time and you need to sell it fast then give National Homebuyers a ring on 08000 443 911 and we will buy your property regardless of its condition or location from you for cash in as little as 7 days.
If you would like to arrange a viewing of No.1, The Thames then click here – Arrange Viewing
The Invisible £4.5 Million Underground London Home
Whilst houses costing several million pounds are not few and far between in London, at just 8 feet above ground level, this particular North London dwelling certainly has a novelty factor! The unusual design is the result of planning permission requiring that new home could only be built as high as the row of garages it replaced.
The luxurious subterranean property consists of three bedrooms and three bathrooms over two floors with an expansive living area and plenty of further entertaining and functional rooms, measuring over 320 sq m/3,451 sq ft. There’s also an atrium with a 25 foot high ceiling !
Those further areas include a cinema room, Poggenpohl kitchen/breakfast atrium, a television family room, gym, cinema, wine cellar and plant room.
The full list of amenities includes:
- Fully Soundproofed Cinema Room
- Off Street Parking for Two/Three Cars
- Walled Garden
- Decked Terrace
- Wine Cellar
- Air Conditioning (Hot & Cold)
- Underfloor Heating
- C P Hart Bathrooms with Minoli Tiles
- Fully Automated Flos Lighting/Audio Control 4 System
- High Tech ‘Gira’ Lighting System
- Alarm System with Video Entry System
- Gaggenau Appliances
Let’s also not forget to mention the central patio area, which is simply stunning! The huge central skylight provides plenty of daylight below into the property, the lower level patio and the atrium.
This property is currently (August 2015) listed on the market with Aston Chase, 020 7724 4724 with a guide price of Guide Price of £4,500,000.
This property has also been featured in the Daily Telegraph.
National Homebuyers – We Buy Any House
National Homebuyers are a UK based property buyer who really do buy any house or property! In fact we will buy anything, absolutely anything! Whether it is a house, flat or bungalow we will buy it!
If you are looking for a fast house sale then we are here to help you. Our team of property experts are always on hand to share their expertise with you and help you achieve you aim of selling your house fast in a time scale that suits you and not us. So if you want a sell house fast service then give us a call on 08000 443 911.
Get your no obligation cash offer now by using the Get Offer on the right-hand side of this page and take the hassle out of selling your home!