NEW figures show Colchester offers good value for money for London commuters.

The average cost of a property in zones one and two in London is £722,000, compared to £272,000 in town and cities within an hour commute, according to Lloyds Bank.

However, the average house price in Colchester is less than £250,000.

Andrew Mason, mortgages director at Lloyds Bank, suggested people looking to commute consider more than just the financial implications.

He said: “The decision to commute is not simply a trade-off between the financial costs of doing so and journey times.

"Quality of life is an important consideration and in nearly all towns in this survey housing affordability is significantly better with a London salary compared to what can be earned locally."

The research was carried out by Lloyds Bank based on data from the Land Registry.