The move north
SAVE £13k PER MILE: As you move away from the City make HUGE savings
Savills estate agent predicts that property price growth in London will be overtaken by every part of the country in the next five years following the change in remote working since the pandemic
So many people are joining the "race for space" as work patterns shift and we rush to move away from the nation’s big cities — and the latest research suggests that will have a significant impact on house prices.
As part of our research, we have found that between London and Peterborough the average house price drops by £13,500 each mile that is travelled, whether it be via the A1 or Northern Mainline railway.
"The move to the country trend shows no sign of slowing," says Lucian Cook, Savills’ head of residential research. "In particular, this points to a continuation of the country house revival and a demand for lifestyle relocation and second homes that will favour locations such as Devon, Dorset, Norfolk and Suffolk."
Other research was carried out by Benham and Reeves Estate agents which names Peterborough as the most affordable commuter location in the country with a journey time of just under an hour.
Among locations with a journey time of between 50 and 59 minutes, the average house price is £472k – so a Peterborough postcode is better value for money when it comes to somewhere to live.
The research was conducted by reviewing house price data from over 100 commuter towns with direct transport links to a major London hub.
As restrictions ease and more businesses are asking their staff to return to work in a more phased or part-time basis, working at home could become the norm as employees want a better work-life balance.