The time may well have come for many London residents and it is not great surprise. You are starting to look at the best places to buy a home if you commute to London. Why? London is so very expensive, overcrowded and unrelenting, that people are seeking a change. Many families and young professionals are moving out of the capital and into commuterland. Looking for a better lifestyle, more affordable housing and good balance between work and home life.
Research by Savills estate agency has revealed some extraordinary statistics that might motivate you to look at the best places to buy a home if you commute to London. This research shows that every minute closer by train to London adds £3048 to the price of a house. The survey, the biggest ever into house prices in the commuter belt, looked at 314 stations on key routes into London, excluding the suburbs. The results showed that the cost of housing had risen by a third since 2013, when the house prices went up £1937 every minute.
If you are looking at the best places to buy a home if you commute to London, then be aware that the house prices in commuterland are likely to increase substantially in the next five years. Prices are expected to rise by 25% in the outer suburbs, 24% in inner commuter zones (a journey of up to 30 mins by train) and 23% in outer areas (up to an hour by train). Now is as good a time as any to delve into commuter belts and make an investment.
So how will this affect you if you are looking for the best places to buy a home if you commute to London? Well, more people are moving out of the capital than at any time since 2007. Around 63,000 left last year and that figure is expected to keep rising. Because they have sold up premium property close to London, they bring that wealth with them. This has a ripple affect on the markets they move to, hiking up house prices and pushing out the less wealthy.
So is there any good news if you are looking for the best places to buy a home if you commute to London? All is not lost. The wealthy people leaving London seem happy with a commute over an hour. So they are attracted to traditionally exclusive areas such as Winchester, Oxford and Cambridge.
There are plenty of options left for those with a smaller budget, where house prices aren’t affected by this ripple affect. Commuter hotspots such as Croydon, Sutton and Epsom are still affordable and, especially in Croydon, you are likely to see capital growth in your property over time.
Get in touch with Inspired Homes if you are looking for the best places to buy a home if you commute to London. Or view our property portfolio here.