Zoopla reveals the top 10 hotspots where property prices rise so fast, they could 'earn' their owners enough to pay for their annual rail ticket in as little as 8 days.
What’s the latest?
Rising property values could 'earn' homeowners enough to pay off their annual train ticket in as little as EIGHT DAYS.
According to Zoopla research, which compared property price growth in some of Britain’s most popular commuter towns over the past 12 months with the cost of an annual train ticket, homeowners in Esher, Surrey, fare best.
The typical property value in the town has climbed by £256.66 a DAY over the past 12 months to hit a current whopping £1.1m.
If the average house price in the town increases at a similar rate in 2017, the growth will cover the cost of a homeowner’s annual £2,080 commute to London in just over eight days.
Other top locations where property value rises are set to swiftly cover the cost of a rail card include Solihull, Penarth and Stourbridge.
Why is it happening?
House prices continued to climb last year, supported by a mismatch in the supply and demand of homes. In fact, property values increased at their fastest rate for a year in December, adding nearly £1,000 to the cost of the typical home, according to the most recent figures from Nationwide.
Above: five-bedroom house for sale in Hillcrest Gardens, Esher.
Who does it affect?
It offers a glimmer of hope for existing homeowners.
Lawrence Hall of Zoopla, explained: “Rising rail fares will have been unwelcome news for commuters heading back to work this year, but our figures may at least soften the blow slightly for those already living in the suburban locations at the top end of the table.”
But if house prices continue to rise at the same rate in 2017, it is likely to spell more difficulty for people trying to get on to the housing ladder.
Sounds interesting. What’s the background?
In Solihull, commuters fork out £745 for their yearly train ticket to Birmingham. And, with property prices increasing by £85.11 a day in 2016, to £377,890, homes in the town could cover the travel cost in just less than nine days.
House prices in neighbouring Stourbridge rose by £61.55 a day last year – a growth that could pay off the £745 yearly rail card to Birmingham in just 12 days.
Unsurprisingly, homeowners in many commuter belt hotspots around London are set to be among the quickest in the country to pay off their annual rail fares.
Stockport is the best-performing commuter town in the north, where a £19,588 average property price increase in 2016 would pay off the £792 year rail fare to Manchester in just over a fortnight (15 days).
Homeowners in Greenock, Glasgow, are set to face the longest wait, taking 328 days to pay off their annual travel.
Here are the top 10 hotspots where climbing property values could pay off annual travel fares the quickest in 2017:
|Town||Commute||Time to pay off annual train ticket|
|1.||Esher||Esher to London||8 days|
|2.||Solihull||Solihull to Birmingham||9 days|
|3.||Penarth||Penarth to Cardiff||12 days|
|4.||Stourbridge||Stourbridge to Birmingham||12 days|
|5.||Surbiton||Surbiton to London||14 days|
|6.||Tandridge||Tandridge to London||14 days|
|7.||Stockport||Stockport to Manchester||15 days|
|8.||Rotherham||Rotherham to Sheffield||15 days|
|9.||Yatton||Yatton to Bristol||16 days|
|10.||Chippenham||Chippenham to Bristol||17 days|
Top 2 takeaways
- Rising property values could 'earn' homeowners enough to pay off their annual rail fare in just 8 days.
- Solihull, Penarth and Stourbridge are all top-ranking commuter hotspots where climbing house prices could swiftly cover the cost of a rail card.