The Office of National Statistics said last week that house prices in London rose 7.2% over the past year to reach a new record high of £531,000.
With demand far outstripping supply, property prices in the capital continue to spiral, preventing many homebuyers from getting their feet on the housing ladder.
As a result, there is growing interest in commuter hotspots as property buyers look outside of London for the relative financial comfort of the Home Counties.
Things are only expected to get worse over the next five years and the exodus from the capital shows no sign of stopping. With the opportunity of being able to buy a house for the price of a London flat and an hour long commute, it is no wonder that the commuter belt appeals to so many.
eMoov.co.uk has identified four different property hotspots where demand is high but you can still purchase an affordable property and commute to the capital.
Bicester
Average house price: £312,460
Average price paid for a detached house: £424,836
Commute time into London Marylebone: 46 minutes
Commute time to either Milton Keynes or Oxford: Under 25 minutes
Season travel card: £3,500
Bicester is one of the most rapidly expanding towns in. Services already exist into London Marylebone, with direct links into Milton Keynes and Oxford coming over the next few years with the East West line. Bicester has also been earmarked as the next garden city and is already popular for its shopping village. It also offers a good opportunity for prospective parents, who by living just a few miles outside of Bicester in bordering Buckinghamshire, can take advantage of the county’s grammar school system.
Didcot
Average house price: £293,625
Average price paid for a detached house: £418,725
Commute time into London Paddington: 40 minutes
Season travel card: £3,996
Didcot has also been designated as an area of major growth and has benefited from substantial generation over the last eight years, with plans to build 200 homes a year, up until 2026.
Didcot is also home to one of the largest property developments in Europe (Great Western Park) and is also benefitting from the regeneration of its train station. No surprise then that over the last decade property values in the area have increased by £90,000 and £18,000 in just the last year.
Maidstone
Average house price: £266,994
Average price paid for a detached house: £423,198
Commute time into St Pancras: 52 minutes
Season travel card: £3,160
Maidstone in Kent offers commuter links into a number of London stations. It is one of the top five hubs for retail in the South East, with developments such as the Mall Maidstone and the Lockemeadow Centre providing a wealth of options for shoppers. Maidstone not only offers the cheapest season travel card into London of the four, but also the cheapest average house price, despite having enjoyed an increase of more than £20,000 in the last year alone.
Bishop’s Stortford
Average house price: £378,024
Average price paid for a detached house: £562,357
Commute time into London Liverpool Street: 52 minutes
Season travel card: £3,232
Looking east of London, Bishop’s Stortford in Hertfordshire provides direct routes into Liverpool Street. The town centre has all but been re-built, with an infrastructure over-haul creating a number of new riverside apartments and penthouses, as well a rejuvenated shopping complex with cafes, bars and shops. The average price paid for a property in the area is higher than the UK average, but a steal when compared to what it might get you in the capital. At 66%, demand in Bishop’s Stortford is higher than nearby Brentwood, but the average house costs around £12,000 less.
