London workers could save nearly £450,000 on the cost of a home - if they are willing to commute from outside the city for an hour each way per day, according to research.
Towns that are an hour's commute from central London, such as Wellingborough, Southend, Sittingbourne and Rugby, have an average house price of £294,903, compared to the average price of £741,919 for a property close to work, Lloyds Bank found.
The difference would make an average saving of just over £447,000 - or around 60% - on property prices.
And some London commuters end up paying more to live outside the city. For example, the typical property value in Beaconsfield is £996,212, in Gerrards Cross it is £822,363 and in Harpenden it is £747,602.
The price of an hour's commute
£447,000
Cheaper house
£4,989
Season ticket
442 hours
Time spent commuting each year
Source: Lloyds Bank
Andrew Mason, Lloyds Bank mortgage products director, said: "Commuters to London who don't mind a longer journey between home and work could reap the financial benefits of living outside of the capital.
"However, the decision of whether to live in the city or further away is not simply a trade-off between financial costs and journey times. Quality of life is also a major factor: family circumstances, better schools, physical environment and homes that offer better value for money also come into the equation.
"That explains why, especially outside London, commuters are often prepared to pay a premium to commute when they could be better off in purely financial terms living closer to their place of work."