Commuters can save hundreds of thousands by moving

In Birmingham and Manchester, the second and third biggest cities, it often costs more to commute however.

The average house price in Birmingham is £140,000, while in Solihull, which is 15 minutes away, property prices come to £274,257.

In Manchester meanwhile house prices average £134,873 while in Stockport, which is 15 minutes away, property costs £192,172.

Marc Page, Lloyds Bank mortgages director, said: "It's no surprise, for London at least, that the further you commute, the more you save financially – even after travelling costs.

“However, quality of life is just as important a consideration for most and therefore trade-offs between type of property, schools, environment and time spent commuting all need to be weighed up carefully.”

Outside London the cost of property per square metre significantly decreases, although annual rail costs can come close to £5,000.

Towns an hour away such as Crawley, Windsor, Brighton, Rochester, Peterborough and Oxford cost around £260,000 compared to £641,000 within travelcard zones 1 and 2, while they are £394,000 less than zones 3 and 6.

For commuters half an hour away, Beaconsfield, Woking, Hemel Hempstead, Stevenage, Brentwood and Luton are options. Average property prices come to £283,000, 56% lower than zones 1 and 2 and £110,000 lower than zones 3 to 6, while rail costs are also cheaper at £3,719.

Commuters within 15 minutes of Central London, from Borehamwood and East Croydon for example, can purchase property for £276,000 less than in the central zones, while the rail fares are reduced to £1,986.

Reading, where homes cost £290,358 on average, is the most popular station for commuters into London, as 2.64 million made the journey in 2012/13.