Commuting to Edinburgh saves you £82k on house prices, says Bank of Scotland

A recent analysis by the Bank of Scotland finds that buyers can expect to save an average of £82,088 when commuting from towns outside of the capital. 

The research pitted average wages in the centres of Edinburgh and Glasgow against average house prices in their respective commuter towns.

The results show how much you might save travelling into the countries two biggest cities rather than living in their centres.

Edinburgh fared the best with commutes from 30 to 60 minutes outside of the city on average saving you over £80k on property values. North Berwick, Dunbar and Livingston were some of the towns cited but Kirkcaldy was the most affordable, with house prices just 3.2 times the average yearly salary for workers in Edinburgh.

The average savings for Edinburgh were said to be enough to pay for 35 years of commuting into the city at current rail fares.

Kirsty Mengham, a 23-year-old Property Manager working in the Bruntsfield area south of the city, recently bought a property in Fife, deciding to commute.

Speaking on the benefits of going further afield, Kirsty says the value is worth it and that she still sees the move as being good for her in the long term.

“I feel like a lot of people are being pushed out of Edinburgh by high property values, so it’s still a sound investment”.

Although there is money to be saved in commuting, there are still other issues associated with time lost and stress with lengthy commutes to and from satellite towns.

“It can be bad sometimes, taking an hour or more getting home, but I’m looking long-term, rather than at the short-term sacrifice,” Kirsty said.

While the benefits are very clear in the east, the west is a different story. House prices initially dip but then rise, and eclipse inner city prices the further you go outside of Glasgow.

Towns like Paisley, just 15 minutes outside of Glasgow see buyers saving an average of £50k over city prices.

Interestingly, however, as you get further afield to areas like Dumfries and Perth – with a 60-minute commute to Glasgow – the trend goes sharply in the opposite direction, with house prices rising to an average of £52k more than what you might pay without the commute.

One thing to keep in mind though is how commuting needs efficient transportation services to be an option. Read more on how Edinburgh Waverly is servicing passengers;

Edinburgh Waverley station worst in Scotland for delays and cancellations

 

 

 

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