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Purchasing a home is a huge investment and often requires many years of saving before moving onto the property ladder. With cities being out of reach for a lot of people due to the cost of living, latest research from property experts JMP Solicitors and Pygott and Crone suggests that the East Midlands is the most affordable place to live in the UK with great transport links direct into the capital.
Moving further away from London could save potential homebuyers thousands whilst being a reasonable commute away from the capital.
With the average property prices in the East Midlands being just £241,749, £387,512 cheaper than the Greater London average of £629,261, homebuyers can get more for their money.
One of the fastest routes into London with one of the lowest average housing prices, Grantham is a prime location for regular commuters to the city and you can reach London just one hour from Grantham Station.
Train fares start from just £12, with up to 71 trains to London per day.
The average property price sits at the lower end at just £180,016 – a saving of £449,200 compared to the average Greater London price.
Nottingham is just over one hour to London with 43 trains travelling to the capital each day.
With train fares starting at just £13.50, Nottingham and the surrounding areas offer great properties with the average starting at just £202,625.
Last year, the new high-speed Azuma train service was launched between Lincoln and Kings Cross, allowing Lincoln commuters to reach London in under two hours.
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Cheaper than the East Midlands average and considerably cheaper than the Greater London Average, you can purchase a property in Lincoln for around £171,638.
Head of residential conveyancing at JMP Solicitors, Jacqui Harley, said: “London is a prosperous place for many to work and do business, but in terms of buying a longterm property, it is definitely worth looking further afield for more affordable options. With excellent transport links, the East Midlands is an ideal location for regular London visitors and a tranquil base to settle down with families or partners, whilst boasting regular fast trains to the capital.
“Those looking to buy a home must remember that research is important – look at what you want from a property and prioritise what is important. You will be amazed that most features can be ticked off in this area, at a realistic price.”
The Leicestershire town of Market Harborough is less than one hour away from London and you can get there for £13 on the train.
The average property price is above the East Midlands average at £303,470, but still considerably cheaper than London.
Tim Downing director at Pygott & Crone said: “Purchasing a home outside of London can have a range of benefits including affordability, greener spaces and cleaner air.
“London workers shouldn’t be put off by the distance as many East Midlands locations can be reached in less than two hours, with regular improvements to rail services such as the new Azuma train service.
“Even before lockdown, the market in the East Midlands was buoyant, and it continues to do well at present with prices remaining steady.
“It has always been strong and fruitful, down to improving transport links and a fantastic lifestyle on offer in the region, and we are finding it to be an increasingly popular choice with people looking to move out of London.”
For those wanting to stay within reasonable distance to London, there are closer towns which offer some affordable housing.
In Slough, the average new-build is £174,000 cheaper than London with a travel time into the city being just 24 minutes.
A move to Brentwood could help homebuyers save 23 percent on the average property price whilst a move to Dartford could save 17 percent.
This equates to around a saving of between £87,000 and £159,000 that can be made if opting for a house outside of the city centre.
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