Want to be rich? Move to Hull or Sheffield
Workers in Hull and Sheffield are the richest city dwellers in England, thanks to having the lowest basic living costs across England.
New research by one of the UK’s largest job sites, CV-Library, found that workers inHull are paid an average annual salary of £28,456, which equates to a monthly salary of £1,886 once taxes are paid. They have basic monthly costs of just £821 a month which means they have a remaining income of £1,065.
Sheffield city dwellers get an average monthly salary of £1,979, but their basic monthly costs are £1,002, leaving them with £977.
Birmingham dwellers are the third richest in England, followed by Liverpool in fourth place, Portsmouth in fifth, Leeds in sixth, Southampton in seventh, Bristol in eighth, Manchester in ninth and Exeter in tenth.
In Leeds, workers have an average monthly salary of £1,955, their basic monthly costs are £1,077, leaving them with £878.
Basic monthly costs included rent on a one-bed flat located close to the city centre, council tax, a monthly travel card, basic utility bills and groceries.
Brighton and London were at the bottom of the table with Londoners having just £195 a month once monthly costs are taken out.
Lee Biggins, founder and managing director of CV-Library, said: “Our research reveals just how far a worker’s salary can go in Hull.
“Despite this city offering the lowest average salaries, lower living costs are making it one of the most desirable locations for employees that want to actually see some of their money after major outgoings are taken.
“For those living in the South, it’s clear that higher monthly costs – particularly when it comes to property rental prices in London and Brighton – are placing workers in a more compromising position, with these cities being home to the UK’s poorest workers.”
A comparison of the purchase of a one-bed flat in London, with a similar one-bed flat in Hull, shows a significant difference.
The average cost of a one-bed flat in Hull is £81,493, but the same flat in London would be £529,655, which is more than six times more expensive. However, when comparing average salaries in both cities (£37,335 in London and £28,456 in Hull), Londoners earn 31 per cent more than workers in Hull.
In real terms, a professional in Hull would spend 20 per cent of their salary on a mortgage for a one bed property and still have £1,517 left in their pocket to cover bills and other living expenses. A Londoner would need 105 per cent of their salary to pay the mortgage alone, leaving them in debt before they have even considered how to cover bills and other basic costs.
Mr Biggins: “Wages and living expenses in London are not relative to the rest of the UK, making Londoners the poorest workers in Britain. While the Government is taking steps to ensure that Londoners can afford to live, many job hunters and businesses are continuing to scrape the barrel in order to get by.”
Mortgage Advice in Sheffield – http://sheffieldmoneyman.com