Property prices: Cheapest areas to buy homes within commutable distance to London

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Property can come at a hefty price and many will need to save up for several years in order to get onto the property ladder. However, there are some parts of the UK where buyers can get more for their money while still being in a commutable distance to London. Where is the cheapest place to purchase a home?

Before purchasing a property, factors such as price and location will be a top priority for most people.

London is one of the most desirable locations in the UK due to good transport links and high paying jobs.

However according to Zoopla, the average property price in London in August 2020 was a whopping £653,965.

According to HomeLet, rent prices have also increased by 3.1 percent but this does vary depending on a lot of factors including location and number of bedrooms.

This means London is unaffordable to many people, resulting in buyers looking outside of the city for a better deal.

Speedy travel connections mean certain places some distance from London have become affordable commuter towns.

Earlier this year property experts from CBRE revealed the results of research that worked out London’s 10 cheapest commuter towns.

At the top of the list was Peterborough in Cambridgeshire.

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The average house price was found to be just £177,741.

For rentals, a two bed home is around the £770 per month mark which is much more affordable than London.

Transport links are direct into Kings Cross and can take as little as 53 minutes, even though there is an 80 mile journey.

Of course this will come at a price as the further you go out of London, the more you end up paying for travel.

However for first time buyers, it is much more affordable to get on the housing ladder.

Another suitable option with only 30 minutes between Purfleet and Kings Cross.

A season ticket on average will cost around £3,000 but house prices are more affordable at £197,130 on average.

If you’re looking to rent a property then the average monthly price in this area costs £941 for a two bed house compared to the average rent in London being around £1,665 a month.

Research shows that on average, a 10 minute increase in commute time reduces the average house price by £21,000.

London’s cheapest commuter towns:

. Peterborough, Cambridgeshire (£177,741 average house price)
. Purfleet, Essex (£197,130 average house price)
. Wellingborough, Northamptonshire (£202,931 average house price)
. Rugby, Warwickshire (£218,782 average house price)
. Chatham, Kent (£222,757 average house price)
. Bletchley, Buckinghamshire (£224,197 average house price)
. Luton, Bedfordshire (£229,033 average house price)
. Pitsea, Essex (£237,763 average house price)
. Northampton, Northamptonshire (£238,605 average house price)
. Colchester, Essex (£242,752 average house price)

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