It's official: Londoners are the poorest workers in Britain, despite being on the highest wages. How does that work? Well, you can thank your extortionate rent and pricey travelcard. The reason for the discrepancy is because the cost of living is so much higher in the capital. According to research carried out by the UK's largest job site CV-Library, us lucky Londoners have the least disposable income in the whole country, and they've even got the stats to prove it.
The research showed that Londoners spend an eye-watering 97.27 percent of their monthly income on living costs (which includes rent on a small, one-bed flat, located close to the city centre, relevant council tax, a local monthly travelcard, basic utility bills and groceries). According to the study, the average monthly salary in London is £2,383.72, while the average basic monthly costs come to £2,318.60, leaving you with just £65 for everything else. Good luck saving up for a deposit on a house with that.
Speaking of which, CV Library compared the purchase of a one-bed flat in London to a similar one-bed flat in Glasgow, the difference is enough to make you pack your bags and up sticks to Scotland. While the average cost of a one-bed flat in Glasgow is £76,286, the same flat in London would be £550,764, which is seven times more expensive. But when comparing average salaries in both cities (£37,408 in London and £33,417 in Glasgow), Londoners only earn 12 percent more than workers in Glasgow. Basically, those lucky sods in Glasgow would only spend 16.1 percent of their salary on a mortgage for a one-bed property and still have £1,810 left in their pocket to cover bills and some nice furnishings. A Londoner would need 105.2 percent of their salary to pay the mortgage alone, leaving you in debt before you've even factored in bills and buying a bed so you've actually got something to sleep on. So, there you go. That's not depressing at all.
Photo: Stewart Marsden
In more cheery news, a Willy Wonka-style boozy sweet shop is coming to London