Most affordable London commuter towns: Slough is best-value place to relocate to but St Albans works out more expensive than the capital
Families wanting to move out of London and commute in can save an average of £14,000 for every mile they up sticks beyond the capital’s boundary, research finds today.
The best value relocation of all is to Slough in Berkshire where buyers of detached homes can expect to pay an average of almost £66,000 less per mile they relocate beyond London.
The average price of a detached house in Slough — just five miles outside the Greater London boundary and as little as 15 minutes by train from Paddington — is £575,556 compared with London’s £900,963.
The next best value relocations are to Basildon and Harlow in Essex with savings of £54,125 per mile and £32,695 per mile respectively, according to the research from modular housing developers Etopia Corby.
The company, which last month received a £19 million investment from billionaire developers the Reuben brothers, looked at 47 popular locations in the commuter belt and beyond.
The average saving is £14,000 per mile. Only one destination, St Albans in Hertfordshire, worked out more expensive than London, with prices rising by an average of £13,571 for every mile beyond the capital.
There were only minimal savings in Cambridge (£1,026/mile) and Oxford (£3,435/mile).
Longer-distance options such as Norwich (£6,362) and Birmingham (£6,502) also performed less well on a pounds-per-mile basis.
The 10 towns with lowest savings per mile for a detached house compared to London
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Thousands of families a year sell up in London and move to more affordable towns and cities.
Last year, 103,230 more people left London for other areas than arrived, the biggest net outflow of any British city.
The average cost of a detached house in the capital has risen by £172,472 in the past five years.
Etopia chief executive Joseph Daniels said: “London is notoriously expensive … but moving to towns close to London can pay huge dividends.”