Moving 20 minutes from London halves prices

Moving 20 minutes out of the City could see Londoners almost half the amount they pay for a home, according to a recent study by Lloyds Bank.

The banking giant’s research, which was based on data from the Land Registry, found that buyers in Zones 1 and 2 of the capital pay £722,000 for a house on average.

This falls by around £321,000 in towns and cities such as Ilford, St Albans and Croydon that are just 20 minutes away.

Moving an hour’s commute out of the centre prices drop even further with homes in places like Crawley, Colchester and Newbury cost just £272,000 on average.

However, aside from the additional travel time commuting out of the centre of London costs as well with season tickets on trains regularly reaching £5,000.

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