The town of Grantham, together with its convenient surrounding villages, has always been popular with commuters to London. This year, the proportion of buyers seeking to acquire a home in our local area has risen considerably and is set to increase further.
New research highlights that homeowners living 60 minutes outside of Central London will pay up to 60% less for a property, making Grantham and Newark the new hot spots with regular and reliable trains to the Capital.
The research has shown that workers in Central London who acquire a property in the East Midlands pay on average £325,091, allowing them to save an average of £483,342 by commuting approximately an hour each day when considering the average of cost of a home is £808,434 for a property within travelcard zones 1 and 2. Commute times from zones 3 and 4 into Central London can often take an hour, meaning those working in the Capital are beginning to question why they would pay such high prices for a home in an area that will not get them to work any faster.
The average house price in Grantham itself is £218,265 meaning that commuters willing to travel 60 minutes into Central London could save a whopping £589,809!
Buying a home in Central London is out of reach for many where house prices are around 16 times the average UK wage. In almost all towns in the survey, housing affordability is significantly greater with a London salary compared to what can be earned locally and for commuters with around an hour’s journey, the reward is an annual salary that is, on average, £8,600 (18% ) higher than what they could earn in their local neighbourhood.
However, Grantham may offer affordable properties, but with longer and more expensive journeys, the decision to commute is not simply a trade-off between financial costs and journey times. Quality of life is an important consideration. Family circumstances, schools, physical environment and value for money all come into the balance. So why is Grantham so popular?
What everyone knows about Grantham is that Lady Margaret Thatcher and Sir Isaac Newton were born here. Lady Thatcher attended Kesteven and Grantham Girls’ School, which is still doing for girls what Kings does for boys. The town also has an associated college of Nottingham Trent University offering courses in building, business studies and engineering. Sporting and outdoor pursuits are high on the agenda in and around Grantham. Meres Leisure Centre and athletics and football stadium, Belton Park, world class golf and spa facilities at Belton Woods and Stoke Rochford Hall, fishing on the River Witham, walking and equestrian sport to name but a few.
Grantham has a collection of ancient homes in Castlegate and Church Street, as well as the celebrated Angel and Royal Hotel, but there are also many new developments. At the lower end of the market, two-bedroom period town houses start at around £85,000. Four-bedroom detached houses cost between £170,000 and £300,000. The most sought after homes on the outskirts of Grantham can be bought for around £300,000, and the satellite villages are even more popular still, commanding premium prices.