One minute equals £3,000

 

Investors interested in the London property market should be prepared to pay an extra £3,000 for every minute their property is closer to the capital’s centre, a new research revealed.

For each minute less spent on the train to central London, buyers will be paying an extra of £3,048. A research by Savills estate agents revealed this when looking at property prices around 314 stations on the outskirts of the capital.

On average, a house in inner London costs £606,000. Comparing this to the capital’s commuter locations within a half hour train ride from the city, prices go down the an average of £458,000.

Moving even further out, to a journey time of about 60 to 90 minutes, the average price comes down even further, to £337,000.

The recent addition of stamp duty and more regulations on mortgages have led to a slowdown in price growth across the country’s prime markets, but especially in London itself.

Sophie Chick, associate director of residential research at Savills explain the current situation as a “turning point”, as the number of buyers moving away from the London market is increasing.

An analysis of Savills buyers in the capital commuter belt shows 30% of sales so far this year were to those relocating from London, a rise in numbers from the same period on 2015 when only 23% of buyers made that decision.

However, when considering this as an option, savings in house prices must be considered against the cost of commuting.

“The amount of money you save will have to be compared by how much you spend on travel cost,” Chick explained.

Some formerly categorised as “traditional commuter towns” are now getting too expensive as house prices are climbing all across the UK, another researchm this time by Urban.co.uk, an online estate agent, has revealed.

Adam Male, the founder of Urban.co.uk explained that the increase in property prices in and around London stops first time buyers from putting down routes in location commutable to the capital’s centre.

Source: The Independent

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

One minute equals £3,000

One minute equals £3,000

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.