Tolkien spent in Oxford many years of his life, both as a student and as a Professor. Between the early 1930s and late 1949 he was also a member of the Inklings, an informal literary discussion group associated with the University of Oxford (many of the members were professors of the University). Is it possible that in their discussions they also talked about their books, receiving suggestions and support during the composition.
Lyme Regis is a holiday place for the Tolkien family. Here Tolkien dedicated himself to the art of drawing and painting. A pencil sketch that dates back to 1928 shows a hill of Lyme (maybe the Tumble Hill) covered by tall trees. These trees are similar to the ones of two other sketches, that depicted places of Middle Earth: the island of Tol Sirion and the forest Taur-nu-Fuin.
According to Tolkirn himself, based the race of Númenóreans, the noble race of Men of the First Age of Middle-Earth on the Egypts and their monumental tombs. Indeed, it is possible to see similarities between the Noirinan, the Valley of the Tombs of Númenor and the Valley of the Kings in Egypt.
The city of Rome could somehow be compard to the citadel of Minas Tirith, in Gondor. Both have an imperial history, are located in the southern area, have a sea-based economy, have massive walls protecting them, are built on a hill and have seven concentric walls that make them (nearly) invulnerable.
Tolkien wrote in a letter in 1960 that "The Dead Marshes [a place north of Mordor] and the approaches to the Morannon [an entrance to Mordor] owe something to northern France after the Battle of the Somme". In both cases, these are places where a great number of people died while fighting, and perhaps the sounds of artillery, bombs and so on can be compared to the drums used by orcs and goblin in the dwarf city of Moria before attacking the Fellowship.
The name of the Hobbit-hole where Bilbo Baggins, the main character of The Hobbit, lived, "Bag End", was actually the real name of the Worcestershire home of Tolkien's aunt Jane Neave here in Dormston.
Birmingham somehow resembles the the land of Mordor. In comparison with the predominance of nature in Sarehole, Birmingham is "sooty, cloaked in smoke and noise; an area invaded by heavy industries and houses very close to each other". The dark land of Mordor, realm of the Dark Lord Sauron (the enemy in The Lord of the Rings), seems very similar to this description of Birmingham.
Sarehole is a village near the industrial city of Birmingham, untouched by the industrialization of the other cities.
Tolkien said in a interview to a journal that the Shire, one of the regions of Middle-Earth and the place where the Hobbit lived, was actually inspired by the countryside of Sarehole. Moreover, the Hobbits were inspired by children and people of Sarehole.