Homeowners living within 60 minute commuting distance by train to Central London pay nearly 60% less for an average property.

The research from Lloyds Bank shows a 60 minute commute to Central London by train saves £483,342 or almost 60% on house prices to live within travelcard zone 1 with values of £808,434.

Commuting for 60 minutes would mean average house prices for first time buyers and home movers would be £325,092 and annual rail cost of £5,381.

Living in areas like Basingstoke, Crawley, Gravesend, Windsor and Northampton are also significantly lower by £202,424 or 38% than the average property value in zones 3 to 6.

Most affordable commuter towns

The most affordable commuter town is Wellingborough in Northamptonshire, 50 minutes by train from the capital with average house prices of £212,367 and is 4.4 times average earnings.

The following table from Lloyds Bank shows lowest average house prices in 2018 and fastest rail journey times to Central London in minutes.

Town	Average Price	Train to London
Wellingborough	£212,367	50 mins
Peterborough	£218,713	51 mins
Kettering	£223,725	58 mins
Rugby	£242,410	52 mins
Chatham	£243,068	55 mins
Northampton	£251,008	46 mins
Luton	£261,725	30 mins
Sittingbourne	£267,557	59 mins
Witham	£271,541	48 mins
Basildon	£271,567	36 mins

Next most affordable is Peterborough in Cambridgeshire, 51 minutes from Central London with an average house price of £218,713 and is 4.5 times earnings in the capital.

Luton offers the fastest commute with a journey time of only 30 minutes to London, average house prices of £261,725 which is 5.4 times average earnings.

With higher house prices in the capital buy-to-let landlords may look to commuter towns for affordable properties to help improve rental yields.

Andrew Mason Mortgages Director at Lloyds Bank said, buying a home in Central London is out of reach for many where house prices are around 16 times the average wage.

For existing homeowners that commute, moving to the capital is unaffordable and it may easier for remortgage buyers to stay in your existing home.

Although many towns offer affordable properties, the decision to commute to the capital to not just about the costs and journey times but also quality of life, said Mr Mason.

Closer towns can offer savings

Home movers looking at properties within a 40-minute commute of London such as Billericay, Hatfield, Staines and Woking, will save £375,114 or 46% on zones 1 and 2.

The average price paid is £433,320 and a third more expensive than commuting for 60 minutes but the annual rail cost is lower at £3,775.

Even living closer with a 20-minute commute from towns such as New Cross, Alexandra Palace, Tottenham and East Croydon you still save £295,075 or 36%.

Living here first time buyers and home movers would pay £513,359 for a home or 57% more than a location with a 60 minute commute but lower rail cost of £2,551.

Some areas have higher house prices than Central London such as Beaconsfield where average property values are £1,025,699 or £217,265 higher than the capital.

Homeowners in Gerrards Cross have homes worth an average of £917,585, Harpenden at £813,298 and Wimbledon at £814,420, all above Central London.

For older homeowners in these areas the considerable value in their property allows the equity release mortgage buyer to access wealth and gift to a family member or friend or even pay for care at home.

What are your next steps?

Speak to our LCM mortgage advisers if you are planning to move home, buying your first home, remortgaging your existing home to a new cost effective mortgage deal or are a buy-to-let investor.

Learn more by using the mortgage monthly cost calculators, equity release calculator and property value tracker chart. Start with a free mortgage quote or call us and we can take your details.

For equity release buyers our London City Mortgage brokers can recommend lifetime mortgages allowing you to receive cash from your property to help maintain your standard of living as costs rise or pay for holidays of a lifetime.