A Simple Guide to the Cost of Living in the U.K
The United Kingdom is one of the richest and most important nations in the world. In fact, it ranks as a global power, second only to the U.S position of a superpower. As such, it is a magnet for expatriates, both those moving there for short-term business, and those looking to retire there permanently.
With such high demand, the cost of living in the U.K is also higher than in most other places around the world. In essence, for anyone looking to move to the U.K, the cost of living should be a major consideration. To make things easier for you when moving, here is a simple guide to the cost of living in the U.K.
#1. Understand the rent dynamics in different British cities
For most people moving to the United Kingdom, their default destination is London. This demand makes London one of the most expensive cities in the world. Anyone bold enough to move out of London and to the other major U.K cities will quickly realize that they can save a lot of money.
For instance, rent in Manchester for a one-bedroom house is almost half that of London. To get a clear view of the rental price dynamics across the U.K, a guide like Job Prices can be very helpful. This guide has lots of useful information not just on property prices, but on other important aspects to life in Britain.
#2. Focus on the cost of transport
Like housing, transport is another important component of the cost of living in the U.K. Before moving, make sure you understand the cost of transport in different cities. Like the cost of housing, transport costs tend to be higher in London and its environs. As such, by having a clear understanding of the transport cost variations between different cities, you are better positioned to make an informed decision on which city to live in, in order to cut on your daily expenditure.
For instance, due to high parking fees, and other miscellaneous costs, it would be cheaper to ride a bus in London than own a car. The same would not be the same if you choose to move to a place like Cardiff in Wales.
#3. Income matters a lot
When analyzing the cost of living in the U.K, don’t just focus too much on the expenses, put earnings into consideration too. A city like London may be extremely expensive compared to most British cities, but it also has massive earnings opportunities. That’s because, most multinationals, especially in the finance industry, are concentrated in London.
This means that you may be spending more, but your potential to earn is also higher. In essence, when considering the cost of living, make income a priority. If the savings you can make from a higher income in a city like London are substantial, it would make sense to live there. The key consideration should be the amount of money you have in your bank account, after paying all your monthly expenses.