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’s great that residents can enjoy such a quick and easy commute to the capital, but we think the quality of life they get from living in our town is even betterCouncil leader Paul Bell
Wellingborough Council has welcomed the news.
Council leader Paul Bell said: “This is obviously good news. We are proud of our strong transport links, and the fact that you can be in London in less than an hour is a real selling point for our borough.
“However, we don’t want to give the impression that Wellingborough is a dormitory town, full of people taking advantage of lower house prices and then getting on a train each morning to go to a job somewhere else.
“Our town has a lot to offer and residents still benefit from that whether they relocate here from London or have always lived here and have started to commute.
“This isn’t just about lower house prices.
“You also get to be part of a truly welcoming town, surrounded by beautiful countryside.
“What we’re finding with commuters is that we will have one partner travelling to London, while the other works locally.
“The children go to local schools and the families become part of our communities.
“It’s great that residents can enjoy such a quick and easy commute to the capital, but we think the quality of life they get from living in our town is even better.”
The council also pointed out that plans for more housing and employment in the town were gathering pace, especially with the start of work on the £500 million Stanton Cross development next to the train station.
Cllr Bell added: “There are a lot of opportunities for people that live in Wellingborough.
“Stanton Cross will bring more than 3,000 new homes and around 7,500 new jobs to our town.
“We know that the proximity to London will help the development, and we would obviously like to encourage people to move here.
“But we’d also like to see businesses relocate and set up in our town. The quick commute works both ways.”
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.
Kettering was next on the list of most affordable commuter towns, followed by Peterborough, Chatham in Kent, Luton and then Basildon in Essex.
The information was taken from the Lloyds Bank commuter towns survey, which looks at differences in house prices between the commuter town and the place of employment, as well as costs and time of commuting when travelling to work using the national rail system.