According to an article on the Financial Times website, London’s strong property market is pushing up prices throughout the rest of the country, as businesspeople commute increasingly long distances in their bid to find cheaper housing. Are you one of these people?
The article refers to these types of commuters as “work tourists” – they move further out of the capital but continue to travel long distances into London every day. These areas containing more London workers have seen a hike in house prices recently, underpinned by London salaries and people moving their wealth out of the capital.
London workers are generally accepting of a longer morning and evening commute if it means they will get more property for their money, and accept that these longer journeys will benefit their families.
Figures show that between 2001 and 2011, London’s working population remained fairly static, but the number of people landing jobs in the capital rose by 9%. Around 20% of London workers – a total of almost 800,000 people – are now commuters, travelling in and out from other areas of the country.
The most popular low-cost towns that are easily accessible are places like Slough, Southend, Watford and Dartford. These areas have seen a large influx of London workers. Growth in commuters from the Midlands, however, is also up around 30%.
In addition, better technology and working laws have made working from home an option for many people.
Are you on the look-out for a property with good links to the capital?