Peterborough named in top three best places to live if commuting to London

Peterborough Station.
Peterborough Station.
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Peterborough has been named as one of the most affordable commuter towns/cities in the country in a report out today.

According to the Lloyds Bank survey, Peterborough is in the top three when it comes to offering the best deal for commuting to London when looking at the difference between average house prices, cost and time of commuting, and annual salaries.

Peterborough Cathedral and Cathedral Precincts. Photo: Alan Storer

Peterborough Cathedral and Cathedral Precincts. Photo: Alan Storer

The Lloyds Bank report states that the average house price in Peterborough is £182,114, whereas in central London buyers can expect to pay up to £722,000.

The average London salary is just under £47,000, meaning that people choosing to live in Peterborough and commute to London can buy a house for just 3.4 times their average annual earnings.

The cost of rail fares for the travel was relatively small in comparison to the saving on house prices, and a commuter would need to travel for 91 years for the total rail costs to wipe out the difference in house prices.

Wellingborough topped the list of most affordable commuter towns, followed by Kettering, then Peterborough, Chatham in Kent, Luton and then Basildon in Essex.

The information was taken from the Lloyds Bank commuter towns survey, which looks at differences in house prices between the commuter town and the place of employment, as well as costs and time of commuting when travelling to work using the national rail system.