All it takes is a quick look at property prices in London to know that these figures are high, especially in comparison to property prices around the rest of the country. Even though the tail end of 2017 has seen many property specialists talk about the drop in London property prices, this is still a very expensive area to live in. This has been reinforced by figures provided by Hometrack which point out that London property prices are now 14.5 times the average income in the capital.
This is the highest this figure has ever been and it is a rise on the figure from this time last year, which stood at 14 times the average level of income. This means that in a year when the growth of house prices in the capital has dropped, homes are still becoming more expensive in the capital.
It can be costly buying property in some parts of England
It is not as though London is the only area where the cost of property is much higher than average income. In Cambridge, the price of property is 14.3 times average income and in Oxford, the level stands at 12.6%. In Bournemouth, the level is seen as 10.1% but moving away from the South East of England provides a more affordable ratio.
With this in mind, there is a need for people to look outside of London when it comes to finding affordable housing. Yes, London is a fantastic city with a great deal on offer, including many employment opportunities but if people cannot afford to buy property in this part of the country, there is not much that can be done.
Commuting in and out of the capital makes sense
This is why people are looking for property options in commuter areas within reach of London but at a much more affordable price. By timing the train right, it is possible to travel from Stevenage Railway Station to King’s Cross Station in around 25 minutes. This is a faster time than many people actually living in London can manage and of course, the difference in property prices can help people to justify this decision.
As of December 2017, Zoopla lists the average price paid for property in Stevenage, over the past 12 months, to be £291,811 while the average property price, in the same time period, in the capital stands at £640,381. There are clearly many different areas of London, with some property options available at a price less than the average but you have to ask what sort of area you will live in and how much space you will find at the property. Areas like Stevenage within the commuter belt don’t just offer lower prices than London; they offer space and a chance to escape from the city in the evening and at the weekend. With six trains per hour at peak times and a season ticket available for less than £3,000 (at the time of going to press), there is a very clear argument as to why you should look outside of London when it comes to finding your next home.
If you need assistance in finding the best property option for your needs, come and speak to Geoffrey Matthew and we will be more than happy to help you out.