The latest research by automated property management specialists, Howsy.com, has looked at how much London’s tenants could save by buying at the other end of a direct rail line into London.
Howsy looked at 10 locations just outside of the M25 with direct links into major London transport hubs of 41 minutes or less, comparing the average rent per calendar month in the surrounding areas at each end of the line.
Howsy then divided this saving by the journey time to highlight how much can be saved in rent by doing nothing more than moving to the other end of a high-speed rail service.
The data shows that on average it cost just £1,529 a month to rent across these locations compared to £4,271 at the other end of the line. With an average journey time of just 30 minutes, that’s a saving of £91 for every minute!
The biggest saving on offer was between Chafford Hundred and Fenchurch Street, with a monthly rental saving of £6,148 and a journey time of just 33 minutes, equating to a massive £186 saving for every minute travelled.
Redhill to Victoria offered a saving of £6,308 a month or £158 per minute despite the longer journey time of 40 minutes, with Slough to Paddington providing a saving of £117 for each of the 27 minutes it takes to travel between the two.
Hemel Hempstead also offered a saving per minute of over £100, with a total saving of £3,569 meaning each of the 33 minutes travelled between the two saves renters £108 per month.
The lowest saving was between Leatherhead and Waterloo, with the lowest total saving of £148 and the longest journey time of 41 minutes equating to a saving of £4 for every minute travelled – every little helps.
Founder and CEO of Howsy, Calum Brannan said, “With recent changes to the buy-to-let sector and the impending ban on tenant fees, the cost of renting within the M25 ring looks set to continue its upward trend and put a further squeeze on the cost of living for many.
“As a result, the majority of tenants have to make do with whatever their budget can afford but a lower budget doesn’t have to mean greater inconvenience or a complete compromise on your lifestyle.
“With a bit of research there are plenty of pockets outside of the M25 that offer much, much lower rents and sit at the other end of a direct rail link into London. In fact, with the notoriety of London transport, you could arguably sit on a tube for longer most days than it would take you to traverse to the peripherals of the capital via these rail links.”
|Stations||Average Rent (Pcm)||Total Saving||Travel Time||Rent Saving per Minute|
|Average Outside M25||£1,529||£2,742||30||£91|
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