The freeze announced on rail fares for the next five years could be good news for Market Harborough residents. The town is established as the home of the third highest earners in the East Midlands. This higher than average wage reflects the growing proportion of Market Harborough residents who commute for work to larger cities such as London and Birmingham, whilst taking advantage of the sizeable property price differentials in the East Midlands.
According to Lloyds Banking Group, a commute of just one hour to a workplace in London can mean savings of up to £380,000 on the price of a relative home outside of the capital. The average cost for houses in a selection of towns at one hour’s travelling time from London is just £260,000, compared with a £641,000 average for London’s two centremost zones, and £394,000 for mean property prices farther out, in London zones 3-6.
With the average annual season ticket for hourly commutes in the South East priced at £5,000, Market Harborough happily placed within the ‘Magic hour’ commuting distance to London, and with property savings of such magnitude in the area, the cost of commuting to other cities is decidedly offset, leaving local residents to pocket the difference.
Could you be saving money in Market Harborough?
If you commute too, let us show you how much you could save buying or letting in Market Harborough. Drop into Naylors Estate Agents on The Square, Market Harborough or call 01858 450020 today.