There’s no doubt that London is recognised as having a high-cost of living when compared to the rest of the UK.
As we edge closer to the completion of the Elizabeth Line (otherwise known as Crossrail), it might surprise you how affordable the cost of living can be several stations away from the centre of the capital.
Slough, situated roughly 18 minutes away from the Capital on the upcoming rail line, offers a much lower cost of living and easy access to key points in London. This makes it ideal for commuters and families that are looking for a more affordable base location. With Slough seeing a number of upcoming commercial developments, a dedicated station on the Crossrail line and a much lower cost of living, the city is forecasting an incredible rise in tenant demand as workers within Slough and London commuters flock to take advantage.
Obviously, this is great news for potential tenants and investors, particularly those that are searching for up-and-coming areas. For workers looking to access higher salaried jobs in the Capital but wishing to maintain an affordable lifestyle further afield, Slough represents a great opportunity.
For landlords, properties along the Crossrail routes are always rising in value and Slough is no different. The key information below showcases why Slough not only represents a good investment but could become a hotbed of reliable and financially secure tenants.
From the average rent to the general consumer costs you’ll experience, what follows below is a brief insight into several key metrics including the average salary, average property price, average rent and more between London and Slough.
So how much is the average salary in London and Slough?
Average salary in London – £34,878
Average salary in Slough – £29,228
According to Payscale, Slough currently has an average salary of £29,228, putting it above the median average of the UK. Unsurprisingly, London has the highest average in the country, off-setting the above average living costs.
What are the average property yields along the Crossrail?
Paddington – 2.94%
Average Purchase Price in Paddington – £1,372,091
Average Rent (PCM) in Paddington – £3,360
Average Yield in Paddington – 2.94%
Bond Street – 2.57%
Average Purchase Price in Bond Street – £3,645,243
Average Rent (PCM) in Bond Street – £7,806
Average Yield in Bond Street – 2.57%
Liverpool Street – 2.54%
Average Purchase Price in Liverpool Street – £1,075,498
Average Rent (PCM) in Liverpool Street – £2,282
Average Yield in Liverpool Street – 2.54%
Slough – 4.77%
Average Purchase Price in Slough – £414,950
Average Rent (PCM) in Slough – £1,650
Average Yield in Slough – 4.77%
Forecast changes in the average property price between 2015 – 2020
Property price change in Slough – 35%
Property price change in Bond Street – 8%
Property price change in Paddington – 16%
As you can see, Slough is forecasting a much higher change in property prices than two prominent Crossrail stations in Central London. This is symptomatic of the wider property market – Slough prices are forecast to increase by 35% between 2015 and 2020 whereas London is only forecasting a 7% growth during the same period.
Cost of living comparison between London and Slough
You would need around £3,449 in Slough to maintain the same standard of life you’d have with £4,500 in London. This figure can then be broken down into several key areas:
Consumer prices in Slough are 8.61% lower than in London
Restaurant prices in Slough are 1.55% lower than in London
Food Shopping prices in Slough are 3.03% lower than in London.
Local Purchasing Power in Slough is 21.55% higher than in London.
Commute comparison between Slough and London (via Crossrail)
Slough to Paddington – 18 minutes (8 minutes saved via Crossrail)
Slough to Heathrow – 23 minutes (13 minutes saved via Crossrail)
Slough to Bond Street – 32 minutes (24 minutes saved via Crossrail)
Slough to Liverpool Street Station – 38 minutes (23 minutes via Crossrail)
Slough to Canary Wharf – 46 minutes (23 minutes saved via Crossrail)