Wellingborough has been named the most affordable commuter town in the country in a report out today.
According to the Lloyds Bank survey, Wellingborough offers the best deal for commuting to London when looking at the difference between average house prices, cost and time of commuting, and annual salaries.
It comes as plans for more housing and employment in the town are gathering pace, especially with the start of work on the £500 million Stanton Cross development next to the train station.
John Lougher, Regional Managing Director South Midlands at Bovis Homes, the main developer for Stanton Cross, said: “Today’s survey results are an endorsement for Wellingborough as a place to live and work in. The investment that Bovis Homes and our partners are placing in Wellingborough in terms of infrastructure, new housing and a new railway station is a reflection of the positive direction the town is heading in.”
The Lloyds Bank report states that the average house price in Wellingborough is £160,245, 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 Wellingborough 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.
A Chamber spokesman said: “We think this is a positive for the town and it’s great news that Wellingborough is the most competitive location around London in terms of house prices. However, we ultimately want high quality jobs in Wellingborough, so the town is more sustainable and will help us to reduce the amount of people choosing to migrate to London for work.”
Kettering was next on the list of most affordable commuter towns, followed by Peterborough, Chatham in Kent, Luton and then Basildon in Essex.