As a home buyer, it’s easy to get caught up in the excitement of searching for the perfect property without considering the cost of living. It’s important to remember that, although mortgage payments will take up a significant portion of your budget, other living expenses will also have an impact on your financial well-being. So, how does the cost of living compare to mortgage payments in different parts of the UK?
Unsurprisingly, London has the highest cost of living in the UK. According to Numbeo, a website that compares living costs in different cities around the world, a single person living in London should expect to pay around £930 ($1,217) per month for living expenses, including rent. However, with an average mortgage payment of £2,666 ($3,483) per month, London home buyers should prepare to allocate a significant portion of their income to their property.
Manchester, on the other hand, has a lower cost of living compared to London. Numbeo estimates that the monthly expenses for a single person in Manchester is £806 ($1,054), which is significantly lower than London’s costs. However, mortgage payments in Manchester can still be high, averaging at around £1,000 ($1,306) per month.
Edinburgh is another city that is worth considering for home buyers. The cost of living is comparable to that of Manchester, averaging around £800 ($1,044) per month for a single person. However, mortgage payments in Edinburgh are slightly higher than in Manchester, with an average payment of around £1,180 ($1,540) per month.
Birmingham is another city that offers lower living costs compared to London. A single person should expect to spend around £760 ($993) per month on living expenses, according to Numbeo. Home buyers in Birmingham should also expect to allocate a significant portion of their income to their mortgage payments, with an average monthly payment of around £870 ($1,136).
Glasgow is a great option for those looking for the cheapest cost of living in the UK, with an estimated monthly living expense of only £668 ($873) per month for a single person. Mortgage payments in Glasgow are also lower than in the other cities mentioned, averaging around £750 ($978) per month.
In conclusion, although the cost of living and mortgage payments vary across the UK, both should be taken into consideration when choosing where to buy a property. While London may offer higher salaries and job opportunities, the cost of living and mortgage payments will also be significantly higher. On the other hand, cities like Glasgow and Birmingham may offer lower living expenses and mortgage payments, but may not provide the same job opportunities and amenities as larger cities like London or Manchester. Ultimately, it’s important to weigh your options and choose a property that fits within your budget, as well as provides a good quality of life.