Buying a second home in the midst of the credit crunch may seem ludicrous to some, but it could actually save you money if you are a commuter.
House prices in the capital have seen drastic price falls while rail fares in and out of the capital have rocketed tremendously in the past few months.
A studio flat in zone two can be had for as little as ?40 a week, while weekly ticket prices from towns such as Brighton and Reading are now more than double that.
Estate agents say that, despite the market slowdown, they are doing a ‘brisk trade’ in pieds-?-terre as more ?commuters make the lifestyle change.
But the downturn in rental prices mean studio and one-bed flats can be snapped up at rock-bottom prices. Property site Rightmove.co.uk recently advertised a studio in Paddington (zone one) for ?80, including all bills.
Meanwhile, rail prices have soared by up to 14.5% ? with a weekly pass between London and Brighton now costing ?82. A similar ticket from Reading costs ?83.20 and from Milton Keynes ?90.10.
