Cost of living in the UK

Compared to other counties, the UK - especially London - is an expensive place to live. The Worldwide Cost of Living Survey 2011 researched 214 cities across five continents. In terms of its cost of living ranking, London took position 18, making it the UK’s most expensive city (followed by Aberdeen (144), Glasgow (148), Birmingham (150) and Belfast (178)). To give this a context, the cost of living is higher in London than in Shanghai, New York, Melbourne, Milan, Paris, Perth, Brisbane, Rome and Vienna, to name but a few.

The cost of living in the UK varies depending on which area you live in, your circumstances and your individual tastes. Generally, London is the most expensive place in the UK. House prices and accommodation costs are also more expensive in the South of England than the North of England. In large cities such as Leeds and Birmingham costs are relatively the same.

Consequently, it can be useful to have an idea of how far your money will stretch, before you get there. A price comparison website, such as ‘Numbeo’ (http://www.numbeo.com/cost-of-living/), may assist you, by providing example prices for a range of products and services. Additionally, the Joseph Rowntree Foundation have created a website that allows you to work out a ‘socially acceptable standard of living’ for the UK at http://www.minimumincome.org.uk/. For example, their tool estimates that a single person with no children would need to earn at least £15,000 per year, so that their income, after tax and benefits adjustments, covers their outgoings. In contrast, a family of four, with primary school age children, would need at least £32,546 each year.

TRC clients can read more about the cost of living in the UK, including what you might need to consider when budgeting for your move, at: http://www.therelocationconsultancy.com/cost-of-living