Will London commuters head for Eastbourne?
COMMUTERS can save a mammoth £8,000 a minute if they are willing to swap living in Lewes for a life by the sea in Eastbourne.
Research carried out by a leading estate agents this week has revealed that current average house prices mean people who face the daily slog up to London and back would be far better off if they relocated to the seaside towns at the end of the tracks.
Staff at Savills looked at 10 coastal towns with direct links to the capital and compared the cost of living with more established commuter towns on the same line.
And it found that anyone willing to uproot from Lewes in favour of Eastbourne would be looking at an average house price saving of a mammoth £129,000.
Homes in Lewes, which is 69 minutes from London on a clear run, stand at £335,000.
The fee for Eastbourne is a more modest £206,000 – with the journey time between the two towns just 16 minutes.
And that works out at the equivalent of more than £8,000 for each extra minute on the train.
Across the ten seaside locations, the average saving was around the £100,000 which makes the coastal towns around 34 per cent cheaper than the traditional commuter hubs.
However, there could be a long way to go before Eastbourne starts being overrun with London workers.
It seems not that many people currently living in the capital are keen to move.
One of the people behind the report said, “There is a noticeable reluctance by many Londoners to move too far from their desks in these uncertain times, while negative headlines about the cost of commuting further dampens desire for a house in the country.
“[But] buyers should not be deterred. Rail fare increases are more than offset by the savings made on the purchase price, and should also be viewed in the context of the current low interest rates, which are making further savings.
“The bold buyer would therefore be wise to make his move now, while there is less competition in the market.”
For the meantime though, it is just the commuters of Eastbourne who are benefiting.
Search for a job
Search for a car
Search for a house
Weather for Eastbourne
Tuesday 21 May 2013
Temperature: 9 C to 16 C
Wind Speed: 16 mph
Wind direction: North
Temperature: 5 C to 14 C
Wind Speed: 16 mph
Wind direction: West