London property prices are racing away from the rest of the country at such speed that an hour-long train journey to the office saves workers in the capital an average of £380,000 on the price of a home. Moving to one of 21 towns within an hour’s commute of London can cut the cost of buying a property to an average of £260,000, according to research by Lloyds Banking Group, compared with £641,000 in London transport zones 1 and 2. That price difference more than offsets the typical £5,000-a-year cost of a season ticket. The most cost-effective commuter town is Wellingborough in Northamptonshire, where homes sell for an average of £150,000 – the price of a studio flat on Holloway Road in north London or a garage in Knightsbridge. The town is 45 minutes from St Pancras on East Midlands Trains, at a cost of £6,548 a year, and boasts good road links for workers who want to get to work by car. Researchers looked at Land Registry house prices to calculate the average cost of a home in towns with good train links to the capital, and then compared them with the average property values in central London (PDF)…. Read full this story
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