Should I accept this job offer?

I'm currently a PM for a tech company. I work in a satelitte office that is being shut down and merged with a larger office of a company we bought. I was offered a choice of working from home permanently, or commuting 1.5 hours each way every day. I didn't want either so I went and found another job.

I've been offered a new position at another tech company that is growing pretty well, I think I'd be a decent fit, and it's coming at a time need change. But they want me to work 8-6 with an unpaid lunch hour, and the extra compensation they're giving me only covers my 45 minute commute, so I would break even compared to my current job.

I want to accept as I'm quite stagnant (although stable) in my current job, and I don't want the two options they offered me. But I'm really reluctant to have an extra 2.5 hours added to my day with a commute and extra hour, particularly if it's not going to lead to extra disposable income. I'd be losing as much of my day as the commute option my current company offered.

I was thinking of turning it down, but I don't want to go back to job hunting, it took me a long time to get this offer. But then again, just wanting to avoid job hunting isn't a great reason to accept an offer.

I'm in the UK by the way if that's relevant. I would appreciate your advice!