People working in cities in Scotland can make substantial savings on property prices if they commute by rail from locations within just half an hour, new research has found. On average a 30 minutes commute sees the biggest saving, apart from Aberdeen where you need to travel an average of 60 minutes, according to the study from the Bank of Scotland.
It found that house prices a 30 minute commute from Edinburgh are 36% or £86,371 lower on average while 30 minutes from Glasgow they are 13% or £22,000 lower. That means that people choosing to live in Dunbar, Falkirk and Livingston will pay over a third less for a home. Compared to the average price in Edinburgh of $243,200 they are likely to pay just £156,829 with the annual cost of the commute by rail £1,700.
Even towns up to 60 minutes away, such as Dunblane, Kirkcaldy and Motherwell, have an average house price of £166,502, some £76,700 lower than the capital with the annual cost of the hour long commute by train around £2,060.
Commuters who live around 30 minutes rail travel time from Glasgow, such as those in Linlithgow, Stirling, Greenock and Motherwell, benefit from house prices with an average cost of £148,614 compared to almost £171,000 in Glasgow. This compares with an average annual rail pass costing close to £1,863. The difference in property prices may, however, be outweighed by the rail travel costs if someone commutes for more than 12 years.
On the other hand some towns approximately 60 minutes away from Glasgow, such as Lockerbie, Ayr and Perth, have an average house price of £216,683 that is £46,000 or 27% higher than in Glasgow. Coupled with a longer journey and an annual rail pass costing £3,155, many of these commuters might be financially better off living closer to their place of work.
Living in the city of Aberdeen has benefits, not only will your commute be reduced but so will your house price. The average house price in Aberdeen is close to £195,234, and commuters with a rail journey of approximately 30 minutes away in Inverurie and Insch, houses are, on average, 21% more expensive than in Aberdeen whilst a rail pass will cost £1,828 per year.
