Study Pinpoints Scotland’s Most Affordable Commuter Towns
September 28, 2016
Many thousands of Scots could be saving themselves considerable sums of money by swapping city centres for commuter towns.
In fact, according to a new study by the Bank of Scotland, there are many thousands of pounds to be saved by living in places such as Motherwell, Greenock and Arbroath, rather than Edinburgh, Glasgow and Aberdeen.
The bank’s study looks at the average costs of properties that lie within around 30 minutes of Scotland’s three largest cities as compared with the average prices of houses in their respective city centres.
The findings make for interesting reading and potentially food for thought for anyone currently struggling for money while living in a major city centre.
Edinburgh apparently has the highest average house price of any city in Scotland at £225,000 but nearby commuter towns such as North Berwick, Livingston and Bathgate all have average house prices of around £155,000.
Meanwhile, Motherwell stands out as perhaps the most affordable town from which to commute to the Scottish capital, with its average house price level currently standing at £130,000.
In Glasgow, the average house price is much lower than in Edinburgh and stands at £162,000 but there are still significant sums to be saved by living in a nearby commuter town rather than in the centre of the city.
According to the Bank of Scotland, Greenock is Glasgow’s most affordable commuter town, offering as it does the appeal of an average house price level as low as £121,000.
In Aberdeen, the average house price currently stands at just over £210,000, with its most affordable nearby commuter town being Arbroath, where the typical property price stands at a little over £127,000.
“Scotland has some great commuter towns where considerable savings on property can be made,” noted Graham Blair, a mortgage director with the Bank of Scotland.
Although, Mr Blair did also point out that there are often a range of different factors besides price that play a part in any homebuyer’s decision making process.
If you live anywhere in Scotland and you’re finding it difficult to cope with the pressure on your personal finances then Scotland Debt Solutions can help. You can contact any of our offices directly to arrange a free and confidential consultation.
The start of a new year is the perfect time to take stock of your finances and put plans in place for a financially savvy year ahead. While you may feel your problems are insurmountable, there are always things you can do to help, most of them surprisingly easy. Here are 7 ways you can […]
If you have credit card debt which is attracting a high level of interest, moving this balance onto a lower interest card could save you a considerable amount of money. This process is known as a ‘balance transfer’, and if done correctly, this process could save you money and also reduce the time it takes […]
Many thousands of young Brits are being actively encouraged towards taking on debt and spending borrowed money even before they reach their 18th birthdays. That’s according to the price comparison website comparethemarket.com, whose research suggests that roughly one in four 16 and 17 year olds in the UK have been offered credit cards or asked […]
If you’re in serious debt with no hope of repaying your unsecured creditors, you don’t have to wait for a creditor to take legal action against you. You may be able to take matters into your own hands and apply for sequestration (bankruptcy in Scotland). This also prevents your situation from worsening. There are two […]
If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]
Scotland has a number of formal debt solutions that can help you deal with a difficult financial situation. It’s advisable to take action as soon as possible, however, to prevent your levels of debt escalating when interest and other charges are added. Obtaining professional advice is key in this respect. An approved money advisor or […]