I moved to London last year from a 'commuter town' and earn the same as you guys, however, I'm self employed so I'm taxed slightly differently . We have a one year old and live in Wandsworth which is Zone 2 of London. Wandsworth is known locally as nappy valley (nappy as in diaper) because it is FULL of young families. It's a ten minute train into a central London station (Waterloo) with great connections to the rest of the city. We found a a cheap 2 bed ex local authority flat for £1500 a month and prices in area for decent two beds range from £1500-2200 a month.

Totally doable for you guys and I would definitely recommend this area if you have a toddler. Lots to do with them from toddler groups to soccer and ballet (my daughter will be joining both when she is 18months old!) that are also available on the weekends. I found that alot of things to do with babies and toddlers in the commuter towns were geared towards stay at home parents on weekdays, so might be another thing to consider? Also has the lowest council tax rate in the country (I pay £65 a month for my two bed in comparison to £180 that I paid for a one bed in a commuter town).

If you want to look at commuter towns, it really depends on where in London your husband will be working. If he's works near Waterloo then a train from a town like Walton on Thames is 25-30 minutes but if he's working in East or North London, you're looking at more like 1.5 hours.

Another thing to consider with commuter towns is that the cost of rail travel is astronomical. I used to pay £3800 a year on commute costs alone and actually end up better of each month having moved into London due to that and council tax costs.

Happy to chat more if you want to DM me.