Living Outside Big Cities Could Save Scots a Fortune, Say Bank Researchers
October 25, 2018
That’s according to research looking into the subject carried out by the Bank of Scotland, which says significant savings can be made through buying a place to live outside one of the country’s two biggest cities rather than within them.
In the context of Edinburgh and its surrounding areas, buying a property that’s a 30-minute journey away from the city centre could be around £80,000 less expensive than buying one in a more central district.
Meanwhile, buying a house in somewhere like Paisley, around a 15-minute journey from central Glasgow, could save someone as much as 29 per cent in house price costs compared to a similar property and investment in the city centre.
Although, in the case of Glasgow, commuting for close to an house is more likely to leave you in a location where property prices are actually more rather than less expensive on average than they are in central parts of Glasgow.
The Bank of Scotland says that the discrepancies in property prices between different areas within and outside major Scottish cities makes commuting to and from work in the Edinburgh and Glasgow regions a cost-effective way to save money and limit the scale of your mortgage debts.
“Many people have a desire to buy near their place of work to escape the morning commute,” said Graham Blair, director of mortgages at the Bank of Scotland.
“However, for some towns and cities, the premium this comes with can price out the average buyer.
“With savings of £80,000 to be gained an hour outside of Edinburgh, and £50,000 just 15 minutes from Glasgow, it is an attractive pull for any potential purchaser to look further afield.”
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