HOUSE HUNTERS ESCAPING LONDON ARE SAVING OVER £14,000 FOR EVERY MILE THEY TRAVEL

  • Detached homes in Slough offer buyers the most drastic savings at £66,000 per mile compared to the capital
  • Only St Albans provides worse value for money with average detached prices rising  to over £1m 
  • Essex towns Basildon and Harlow save house buyers £54,000 and £33,000 per mile on average

House hunters escaping the capital are saving more than £14,000 for every mile they travel, new research1 by modular housing project Etopia Corby shows. 

The average cost of a detached house in the capital has risen £172,472 in the past five years2 and buyers frequently look to other areas in search of better value for money. 

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 capital3 and compared the cost of detached homes to those in Greater London. 

Table: The 10 towns and cities with the biggest savings per mile for a detached house compared to London1:

July 2019 Detached House

Saving per Mile July 2019

Slough

£575,556

£65,606

Basildon

£552,942

£54,125

Harlow

£543,276

£32,695

Luton

£398,251

£28,645

Sevenoaks

£773,882

£26,810

Chelmsford

£587,482

£24,587

Maidstone

£490,528

£23,643

Southend-on-Sea

£524,698

£22,790

Crawley

£562,994

£22,089

Stevenage

£573,380

£21,839

*Full

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)

 

Table: The 10 towns and cities with the lowest savings per mile for a detached house compared to London:

July 2019 Detached House

Saving per Mile July 2019

St Albans

£1,003,287

-£13,571

Cambridge

£863,504

£1,026

Oxford

£785,641

£3,435

Bath

£557,904

£4,236

Christchurch

£495,668

£5,416

Solihull

£479,120

£5,511

Winchester

£651,347

£5,556

Bournemouth

£429,075

£5,949

Norwich

£375,564

£6,362

Birmingham

£357,064

£6,502

*Full

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.”

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