According to new research, buyers are paying £3,000 for every minute closer to the Capital that they are.
Properties which are located within the commuter belt are increasing by more than £3,000 for each minute less spent on the train. Every minute closer to London is worth £3,048, according to data released by Savills estate agents, based on the price of properties in the vicinity of 314 rail stations lying on the Capital’s outskirts.
Living in inner London costs a buyer £606,000 for an average priced home, whereas the average price of a property within a 30-minute train ride of London is £458,000. For buyers who are willing to commute for an hour to one hour and nine minutes, the price of an average property falls to £337,000.
London property prices have slowed down, mainly due to the restrictive mortgage regulation and extra stamp duty costs. The associate director of residential research for Savills, Sophie Chick, stated that more buyers are looking at properties away from London.
In 2015, 23% of buyers were looking at properties away from London, in comparison to 30% during the first three months of 2016. During an interview with the Independent, Chick said that buyers had to weigh up the costs of travel against buying a dearer property closer to London.
Buyers often seek advice from mortgage advisers who have had CeMAP training in London or a nearby city, as they have the required knowledge and experience to help.