We all know London house prices are frankly obscene.
So to get onto the property ladder most of us need to think outside the box – or more specifically outside of London.
According to Zoopla, the average property price in London in August 2020 was a mind-boggling £653,965.
There are cheaper parts of the city, namely the outer boroughs, where average prices are much lower.
But the real bargains can be found if you leave Greater London completely.
Speedy travel connections have made places quite some distance from London feasible commuter towns.
And in some of them property prices are much, much lower than in London.
Earlier this year property experts from CBRE revealed the results of research that worked out London’s 10 cheapest commuter towns.
Cheapest commuter town of all was actually a city – Peterborough, in Cambridgeshire.
The average house price there was found to be £177,741.
Of course, if you’re working in London, the further out you go the more you are going to pay for travel.
On average the annual train season ticket price is £6,936.
But you might think that’s worthwhile for being able to get your first home.
Trains to Kings Cross can take as little as 53 minutes, even though there’s about 80 miles between the two.
For those wanting to rent in the area, the average rent for a two-bedroom property is £770 a month.
Research has found that, on average, a 10-minute increase in travel time reduces the average house price by £21,762.
And, for every £100 spent on an annual season ticket, the average house price goes down by £4,179.
If Peterbough doesn’t take your fancy, check out the other places that were found to offer great value for money …
London’s 10 least expensive commuter towns
- Peterborough, Cambridgeshire (£177,741 average house price)
- Purfleet, Essex (£197,130)
- Wellingborough, Northamptonshire (£202,931)
- Rugby, Warwickshire (£218,782)
- Chatham, Kent (£222,757)
- Bletchley, Buckinghamshire (£224,197)
- Luton, Bedfordshire (£229,033)
- Pitsea, Essex (£237,763)
- Northampton, Northamptonshire (£238,605)
- Colchester, Essex (£242,752)