Does commuting to London rather than living there really save money?

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Research by property agents Savills shows that commuters could be saving £3,000 on property for every minute further out of London they live. But is commuting really saving you money?

The study showed that on average, property prices within half an hour’s train ride of the capital were £458,000, but within inner London, the average jumped to £606,000. Then, for housing that’s between 60-69 minutes travel, the average fell again – to just £337,000. That means the average saving is £3,048 per minute travelled out of the city!

However, the correlation between price and distance isn’t always steady. There is a growing belt of other large cities and towns whereby the average price rises again; including Oxford, which had a price of £730,000 (and is a 59 minute journey away by train).

So, the key challenge for commuters is now to make sure that the money saved on property isn’t then spent on travel into London anyway, in order to make a true saving. And this is tricky; as often the further the journey, the more expensive.
Liftsharing can be the key to making a true saving and managing to still live in the capital. See below for some examples:
  Rail price to central London Liftshare price to central London Saving per journey leg
Hounslow £6.10 £1.30 £4.80
Epsom £6.80 £2.00 £4.80
Gravesend £12.00 £2.80 £9.20
Luton £15.00 £4.00 £11.00
High Wycombe £13.20 £3.40 £9.80
Sevenoaks £11.60 £3.60 £8.00
Aldershot £14.90 £3.20 £11.70

What are your thoughts on this? Worth living in the capital – or not? Do you do it and liftshare in? Let us know your thoughts in the comments below!

Photo credit: Pixabay

Author Lex Barber

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