Introduction to Commuter Towns
If you’re willing to travel for an hour to get to work, buying a home in a commuter town could save you more than £100,000. Property site Zoopla has identified the cheapest areas where city workers could save up to 61% on a home purchase and still have a journey time of less than an hour.
Savings in London
For those working in London, moving to Peterborough in Cambridgeshire could offer the biggest saving, with homes costing an average of £238,800 compared to £588,300 in the city. It takes around 50 minutes to get to Kings Cross Station. If you are heading for St Pancras, Wellingborough and Kettering offer big savings, with homes typically costing £245,400 and £261,500, and commute times of 53 and 56 minutes. Chatham in Kent is one of the cheapest options for three different London stations, St Pancras, Victoria and London Bridge. Average homes cost £279,200 and the commute is around 40 to 45 minutes.
Savings in Other Cities
By living in Shildon instead of Newcastle, workers could get a home for £73,800 instead of £189,880 (a 61% saving). The commute is a 55-minute train. New Tredegar, a commuter town close to Cardiff, also offers a 61% discount with an average home value of £108,600 compared to the city’s average of £280,760. Commuters to Bristol can spend 43% less on a home in Newport, where the average home value is £214,700 compared to £379,800 and the journey is a quick 18 minutes. For Birmingham workers, towns like Tipton and Wednesbury offer a 14% saving on average home values while providing a very short commute of under 25 minutes.
Things to Consider
While these savings sound great, it’s essential to consider your transport costs and the effect a long commute can have on your lifestyle before making the move. Train tickets can be expensive, and while season tickets can make them cheaper, they come with high upfront costs. It’s worth checking parking charges at your local train station, and how much your fuel will cost if you are planning to drive.
Conclusion
In conclusion, buying a home in a commuter town can be a cost-effective option for those willing to travel to work. With significant savings to be made in cities like London, Newcastle, and Bristol, it’s an option worth considering. However, it’s crucial to weigh the pros and cons, including transport costs and commute times, before making a decision. By doing your research and considering your lifestyle, you can make an informed decision about whether a commuter town is right for you.
