Property is a huge investment and many will need to save up for several years in order to get onto the property ladder. With cities being out of reach for a lot of people due to the cost of living, latest research by property developer StripeHomes has shared the best commuter belts where homebuyers can save thousands on a new-build property while still being in a commuter belt to their local city.
The average new-build costs £268,200 in Cardiff, but in surrounding areas including Rhondda Cynon Taf, new-build houses prices are much more affordable and could save homebuyers 27 percent.
A move from Edinburgh to West Lothian would also result in the same saving of £87,343 with the train time between the two being just 36 minutes.
Research shows that on average, a 10 minute increase in commute time reduces the average house price by £21,000.
A move from Newcastle to Gateshead, or from Leeds to Bradford, would see new-build homebuyers save over £60,000.
Managing Director of StripeHomes, Jame Forrester said: “The current pandemic has changed the property priorities of many homebuyers who are now looking beyond our major cities to find a more affordable option that provides more space, both inside and out.
“The good news is that most of these cities are surrounded by at least one more affordable options, but a move to the commuter belt doesn’t always guarantee a reduction in price.
“On average, just 38 percent of areas surrounding these 20 major cities are home to a lower new-build house price than the city itself, and so some buyers may be forced to look even further afield to find the right property at the right price.
“With demand in these peripheral areas continuing to climb, this trend could continue as prices in city commuter belts continue to rise.”
Birmingham, Sheffield, Glasgow, Liverpool, Manchester, Swansea, Oxford and Portsmouth also see a new-build discount opportunity when moving from the city to one of the surrounding commuter belt areas.
A move from the city of Cambridge to South Cambridge would see the price paid for a new build drop by £146,822 even though there are good transport links between the two.
However a move from the city isn’t always more affordable and buyers should always do their research before deciding on a location.
The cost of buying a new home in areas including Bristol, Nottingham, Bournemouth, Plymouth, Leicester and Southampton is actually cheaper than buying in the most affordable area surrounding these cities.
In Southampton, the average new-build house price is £229,007 with the local area of New Forest being a whopping £91,972 more than the city.