It’s no secret that life for those residing in the south east – particularly in London – can be more costly than most. But new research from life insurance providers Beagle Street has revealed the truly eye-watering cost of living in the most expensive areas of the country, as well as highlighting the most affordable places to live in the UK.
The company compared the cost of living, including housing, transportation, utilities and food in each region, and then subtracted this from the full-time gross weekly earnings of those in the area, to see how, on average, much residents had left to spend.
In doing so, they highlighted that the north east was the most-cost effective place to choose a home, while the south east was – rather predictably – the priciest. Those in the former come away with £67 in their pockets each week, while the latter are living with a deficit of £57.30 – that’s a difference of £124 per week between the highest and lowest figures.
However, in a somewhat more surprising turn of events, those in London were third-best off, with £48.80 to spend on non-necessities each week – although this may reflect the skew to higher salaries in the capital.
The most affordable places to live in the UK
1. North-East: £67
2. Scotland: £55
3. London: £48.8
4. West Midlands: £42.7
5. Wales: £39.7
6. North-West: £21.6
7. Yorkshire and the Humber: £12.8
8. Northern Ireland: £4.1
9. East: £-12.6
10. South-West: £-15.5
11. East Midlands: £-31.4
12. South-East: £-57.3
While we’re not suggesting you uproot your entire life to live somewhere cheaper, the survey does demonstrate the dramatic difference living in a certain area can have on your financial situation – to the tune of £268 per month if you’re located up north.
However, Beagle Street also found that, despite the squeeze on their weekly budgets, those in the south east were the best savers, putting away an average of £29.50 into life assurance plans and £8.90 into pensions or savings. The north east, by contrast, had the lowest figures – so despite the extra cash flow, their money might not be being spent as wisely!
Discover the full cost of living in your area at beaglestreet.com.