16 November 2017
Analysis of house and commute prices in some of the capital’s most popular commuter towns has suggested staying in some zone three locations could save people more than £11,000.
Taking into account stamp duty, legal fees, removal fees and rail fares, moving to Sevenoaks will cost an average £28,647 a year over a 25-year mortgage. Meanwhile, the annual cost of mortgages and rail fares for those living in Upton Park is £17,326: an £11,321-a-year difference.
The figure is similar for many of the capital’s most popular commuter towns: living in Woking, in Surrey, costs commuters £28,107, while life in St Albans costs £27,741.
The most expensive commuter towns
Area Equivalent annual cost of moving 1 Sevenoaks, Kent £28,647 2 Woking, Surrey £28,107 3 St Albans £27,741 4 Guildford £26,137 5 Maidenhead £25,778 6 Reigate & Banstead £24,873 7 High Wycombe £24,669 8 Tonbridge £22,570 9 Reading £21,708 10 Haywards Heath £21,667
Meanwhile, living and commuting from Tottenham costs £22,522, while Stratford costs £22,522.
Housebuilding investment platform Homegrown, which analysed the data, said the housing crisis had pushed up the cost of living in the commuter belt.
“Moving out of London used to be the obvious choice for those facing an affordability crunch but you can no longer assume you’re going to save money, even in inner London,” said Anthony Rushworth, its founder.
“Prices have risen so far and so fast outside the capital that, unbelievably, families can now save money staying put in one of the most expensive cities in the world.”