London commuters can save £450,000 by living in Newbury
Looking to save thousands of pounds when you next move home? If the answer is yes, then look no further than a move to Newbury. New research has revealed how London commuters can typically save £450,000 on the cost of buying a home if they look at locations one hour outside of the capital.
The report by Lloyds Bank cited Newbury, as well as Crawley, Colchester and Chatham, as areas where the cost buying a property is less than half of what you would pay to purchase in London’s public transport zones 1 and 2. According to the latest figures from property portal Rightmove, the overall average price of a property in Newbury is £287,746, and that figure was even less in nearby Thatcham (£256,465). Comparatively, the average price for a London property in zone 1 and 2 is £722,000 and the figure doesn’t get much more affordable when you at London as a whole, with Rightmove claiming the city’s overall average price now stands at £645,875.
One of the biggest gripes among London commuters has been the cost of travelling from outlying counties but the report went on to sensibly put the cost of commuting into perspective. The current price for a 12 month season ticket from Newbury to all London mainline train stations is £4,548. Although this might seem like a hefty investment in travel, the cost of living closer to the centre of London dwarfs this price. In fact, a typical commuter from Newbury making the journey to the capital with a season ticket would have to travel to and from London for 91 years to wipe out the cost difference between buying a house in the West Berkshire town and buying a house in London’s zones 1 or 2.
With commuting costs completely justified, many home movers start looking at travel times to London. The journey from Newbury to London Paddington is already under the magic one hour mark, with a direct rush hour train taking as little as 41 minutes to reach the capital, with up to 39 trains per weekday. The good news is that train journeys on Great Western routes will get even better when the rail company finishes the electrification of the line. By 2016, journeys will be faster, more reliable, quieter and greener. A new fleet of trains will be rolled out with 20% more seats and 20-35% less carbon emissions than their diesel predecessors.
If you would like to see a selection of flats and houses for sale in Newbury and across West Berkshire, contact the Jones Robinson sales team today.
Buying | 17/09/15 12:37PM