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its still a difference of £50K plus more for a similar place 'in London'
The other reason for many people sticking it out in London is that they're speculating on their London home rising in value faster than places outside London. So the longer they hold out for the bigger the home they can get when they finally bail, or the smaller mortgage (or more play money) they have when they do push the escape button.
Having kids (and them starting school) nails most people down to an area. I can't see us moving more than a couple of miles (if we ever do) in the next 15 years (by which time my daughter should be fleeing the nest).
Greenbank
skinny
Appreciate all the replies folks. As I said, it wasn't a judgement, just a question.
From my point of view, from the other side, I moved out of London to Hitchin, for a 25-30 minute train ride into Kings X. This means we can afford a nice, big three bed house for £300K, have a decent local town with shops, pubs etc. roughly equivalent to anywhere I lived in the past (Balham, Tooting, Herne Hill) and countryside/lovely riding 1km away.
On the flip side, as said above, it potentially restricts my choice of where I work in London and brought with it a £3.5K annual season ticket. I can't commute on my bike, which I loved to do and miss massively, and I have to make that awful decision of last train (a decent 1am) or more beer and an all nighter.
For me the pros outweigh living in W12 or similar (I grew up in Sidcup, so have a built-in dislike for London outside of zone 3-4), but from what I see people post on here, its still a difference of £50K plus more for a similar place 'in London' and you're talking about similar commuting time and combining buses/trains/tubes.