Homebuyers boomerang back to the city
Average commute times have been continuously rising over the last few years, as professionals relocated away from the city in search of a slower pace of life, amid less time being spent in the office. Typically, the commute times of people in London and South East of England have been the longest in the UK; in 2019, the average commute time for London workers was 79 minutes a day, with this rising to 90 minutes during the pandemic exodus.
But now working in the office is on the cards again for many, London professionals are realising that living closer to the city really does have its benefits. Cheaper travel costs and shorter travel times create more opportunity for that all-important quality time with friends and family, or just making the most of the endless entertainment, retail and culture options that London has to offer!
Lower travel costs
Commuting to work, especially by rail, has always come with a hefty price tag, with costs steeply increasing the further out of London you live. Earlier this year, Transport for London raised the prices of London Underground and bus services, with further rail price hikes expected to come throughout 2023.
For a commuter living in Greenwich right now, a return journey into Canary Wharf via DLR costs just £13.40, compared to £21 for a return journey from the commuter town of Chelmsford. This means that those living in Greenwich save over £1,900 a year on travel costs, a large sum of money that could be put towards other living necessities, or furnishing your new city home!
The range of one to three bedroom apartments at Greenwich Millennium Village are the perfect place to set down roots for city professionals looking to make the most of the travel savings in Greenwich. Offering a village lifestyle but still in a prime city spot, from North Greenwich tube station – a 10 minute walk away - residents can be in Canary Wharf in just two minutes! Being located in the city also comes with a range of different transport options that you wouldn’t find if living further in the commuter belt. From Greenwich Millennium Village, city commuters can travel to work by bus, DLR or tube, as well as the unique option of an Emirates cable car or Thames Clipper boat to cross the river, both offering regular services.
City living not only comes with lower travel costs, but it is also a huge time saver. Commuting into the city when you are already close by naturally means you will have more time to spend on doing the things you enjoy – something that has become more important to us in recent years. For city commuters living in the commuter belt and slightly further afield, journeys can take up to two hours into London.
Essex is a popular choice for commuters to reside, with shorter journey times than many other commutable locations in the South East. From Colchester, direct journeys into London Liverpool Street take up to an hour, meaning city workers could potentially spend up to 10 hours a week commuting! But by moving slightly closer to the city to an outer London Borough such as Redbridge, commuters can halve the amount of time they spend commuting every year.
Hainault is situated in North-East London on the border of Essex, benefitting from its own tube station. Situated in a prime Zone 4 position along the Central Line, Hainault commuters can reach London Liverpool Street in 30 minutes. In Hainault, Edge is one of our brand new London developments offering a range of stylish one to three bedroom apartments, ideal for professionals. Features include a high internal specification as standard with integrated kitchen appliances, stylish bathrooms and en suites as well as flooring fitted throughout. Edge also provides the perfect work/life balance, with two country parks close by.
Running for a limited time, buyers at Edge can benefit from up to £1,100 contributed by us towards your mortgage for the first 12 months (paid as an allowance upon legal completion), and first-time buyers can currently get their stamp duty and legal fees paid too! We’re also lending a helping hand to purchasers at GMV in Greenwich, contributing up to £1,000 a month towards buyer’s mortgage payments for the first year (paid as an allowance upon legal completion).
To find out more about our city developments, please click here.