A New North-south Divide

The research, conducted by the job board CV-Library, reveals that the average annual salary in London is £38,550, some 14.9% above the national average of £33,490. However, premium costs in the capital drastically outweigh the higher-than-average salaries, meaning Londoners have the least disposable income in the country.

Comparing the same basic living costs against average salaries in 16 of the UK’s key cities, the study shows:

• Londoners spend 83.1% of their monthly wage on living costs, compared to just 39.4% for professionals in Hull
• Professionals in London, Aberdeen and Glasgow earn the highest wage, while those in Sheffield, Newcastle and Leicester earn the lowest
• Hull is the cheapest city to rent in, followed by Glasgow and Aberdeen, while London, Brighton and Bristol are the most expensive

In addition to this, the study explored the average cost of purchasing a one-bed flat in each of these UK cities and reveals the percentage of monthly income that would need to be spent on mortgage repayments:

• London – 108% of monthly salary
• Brighton – 61.2% of monthly salary
• Bristol – 48.9% of monthly salary
• Newcastle – 45.7% of monthly salary
• Edinburgh – 45.5% of monthly salary

Wherever your future lies, FRS can help you find the right role. Find out more here.