The latest analysis of this situation by modular housing project, Etopia Corby, has revealed that house hunters escaping the capital are saving more than £14,000 for every mile they trave.
The research found that those looking for the quickest savings need look no further than Slough, Berkshire, where buyers save £65,606 per mile on average for a detached house. It is the most drastic saving available in any of London’s commuter locations. Not far behind are Essex towns Basildon and Harlow, where buyers could save £54,125 and £32,695 per mile respectively.
Etopia Corby looked at the distance between London and 47 locations within striking distance of the capital and compared the cost of detached homes to those in Greater London.
The 10 towns and cities with the biggest savings per mile for a detached house compared to London:
However, not all locations provided savings at all. Only one place, St Albans, provides worse value for money than the capital, with average detached house prices in the Hertfordshire town standing at more than £1m — £102,324 more than their London counterparts at £900,963.
The lowest savings per mile were found in university cities Cambridge (£1,026/mile), Oxford (£3,435/mile) and Bath (£4,236/mile).
The 10 towns and cities with the lowest savings per mile for a detached house compared to London:
Joseph Daniels, CEO of Project Etopia, commented: “London is notoriously expensive and many people cut and run from the capital in search of better value for money. Affordability is the most pressing issue of the day, and this is particularly true in and around London.
However, our research shows that even moving to towns close to London can pay huge dividends, with the most impressive savings available in Slough, just a stone’s throw from the M25.”
