Are you moving to the UK and unsure about the cost of living? Or have you not yet decided which part of the UK you want to move to?
We all know that the cost of moving to another country cannot be fully predicted, but let’s take this opportunity to learn a little about the cost of living in different parts of the UK.
London is the most expensive part of the UK, so careful budgeting can give you the upper hand.
It is especially important for students and migrant workers to know the cost of living, as they may need to adjust their usual spending habits and even take on a part-time job to support themselves.
Is living in the UK too expensive?
There are numerous surveys on the economic and financial situation of people living in different countries around the world. It has been found out that living in the UK is actually quite expensive.
The UK has been declared the seventh most expensive country in Europe and the 14th most expensive country in the world.
The salary you earn and the city you live in are important factors in what portion of your income is left to save or spend after you’ve provided for the necessities.
What are the different costs you may face?
1. public transport: we all need to travel at some point and cannot all afford private transport. The public transportation network in the UK is well developed in the larger cities. You need to plan your travel ahead and we recommend the following options:
The bus: you can top up your prepaid card and “pay-as-you-go” if you travel less frequently. To save money on frequent trips, you can purchase a monthly bus pass for £18 or an annual pass for £700.
The Taxi: The minimum fare for a cab in London starts at £4. This also includes a variable price per kilometer.
The Tube: This option is only available in London, Glasgow, Liverpool and Tyne-and-Wear (Newcastle). Fares are different in each city.
2. accommodation: Finding suitable accommodation can be somewhat difficult. If you are planning to rent a property, the following may be helpful in understanding where to begin your search:
Type of Property Placement Price range (£) (per month)
One Bedroom Outside the City 460- 1800
One Bedroom City Center 350-1300
Three Bedroom Outside the City 500-2000
Three Bedroom City Center 650-4000
You will often need to pay a deposit to your landlord and may need to provide rental guarantees before you can move in.
3. food prices: We all have to eat, don’t we? Eating out regularly can be very expensive, but with so much choice, you can enjoy a takeaway or restaurant meal on special occasions. There are many areas in the UK where you can interact with established communities and find local restaurants and food centers that offer dishes, ingredients and delicacies from your home country and beyond.
A single meal in a budget pub or restaurant costs an average of £10.
These are the basic expenses you need to be prepared for. Of course, the other costs will depend on your lifestyle.