The cost of living in the UK in 2022 is relatively high. Living in the UK is the desire of a number of people because of the access to opportunities, recreational and leisure outlets, etc. The information you will be exposed to will further guide your decision and answer your question: is the cost of living in the UK high, for an average man? Read on to know.
Is the Cost of Living in the UK High?
The overall cost of living in the UK in 2022 is high. There is an increased energy price cap that affects the prices of so many other necessary things tied to it. According to the Office for National Statistics (ONS), there was a 5.1% increase from December 2020, and that has been the highest inflation in over 10 years.
An increase in energy bills (electricity, gas, etc.) is a driving factor for the increase in prices of things. This is a result of the high demand for services that hit the country after the lockdown in 2022. The demand becomes more than the availability of the services to be offered. Energy is a necessary commodity.
Because of the surge, living in the UK in 2022 has become a “year of the squeeze”. There have also been pleas to the government to reduce or scrap out Value Added Taxes (VAT). The average worker and the lower class are the worse hit. They can merely survive with their pay. A little reduction in bills will be useful to the very many lower classes.
A lot of people keep asking “how much does it cost to live in the UK?” The rising cost of living in the UK has led the government to support the over 8 million vulnerable people in the UK with packages to ease their livelihood a bit. The government’s support is to most especially cater for the rising energy bills as there are speculations of a further increase in the coming months. Read about the “cost of living support” here.
What is the Actual Cost of Living in the UK
A lot of people who are eager to relocate do not know the actual cost of living in the UK. What is the feeding cost, housing, transportation, etc.? Living in the UK in 2022 is wanted for the leisure it tends to give but it is actually higher to live here than to live in countries like Canada.
Since after the pandemic year, the cost of living in the UK has been on the increase. Estimations from the Office for National Statistics (ONS) show that the overall affordability of goods and services in the UK is the highest since 1982.
However, you can boast of quality living in the UK. Everybody knows about the various opportunities in the UK and the working health/education system. It is important that when planning your relocation to the UK, you find out about living there. Some cities will definitely be more affordable than others. knowing all of these will help you evaluate your budget properly and your chosen area.
How Much is Rent in the UK?
Data in Statista as of 2020, reveals that the average monthly rent in London is £1,752 and £1,123 in South and Eastern England. We can understand that London is an expensive city given that it is the country’s capital. It is also one of the most populous cities in England.
New York, Oxford, and Cambridge are other expensive cities to live in, in the UK. The cost of housing in Cambridge is £470,933 while the average salary range is £39,434. In London, the price of a house in London is £475,458 while the average salary is £49,228. Yes, London is not the most expensive city to rent a house in, Cambridge is more expensive to live in. London has a larger flow of income.
Housing is one of the most important factors to consider in migrating to any country. If you are migrating to gain a scholarship, the cost of housing and other utility bills will sum up your overall cost of living in the UK. The cost of housing and accommodation in the UK depends greatly on where your interest is as some parts of the country are more expensive than others.
Scotland and Northern England have one of the most affordable housings in the UK while the South and East of England are more elitist. London, which is a much more commercialized environment is an expensive housing option. As an expensive area that London is, it is also very much elitist.
So, most of the people resident in places like London can afford the increased cost of living. Data retrieved by the ONS gathered that adults living in North East and North West suffer impoverishment. They are unable to meet household needs compared to people living in London, South East, and South West, which is a high percentage of people living in the UK. (75%).
The minimum transport fare is £3.8. The cost of transportation in the UK varies based on distance. However, there is also a slight increase in transportation in the UK. The surge in the cost of living in the UK also affects transportation. When fuel price becomes higher than it has always been, chauffeurs have to increase their charges for a drop.
This is how commuters who do not own cars get affected by fuel prices. There is an increase in transportation. There are different tariffs depending on whether you are moving between where you live, work, worship, or from city to city. Find out about interstate transport fares here.
Medical cost is an important thing to factor. The UK government makes an attempt at securing the health of residents through the National Health System (NHS). The cost to receive medical attention then becomes reduced through this system. This insurance covers other citizens in the country too. So, some ex-pats may have to make yearly payments of £624 and £470 for adult/non-students and students/under 18, respectively.
These guarantees access to good health care in the UK for all those intending to travel. However, not entirely every ex-pat is covered. Your coverage can also be dependent on the kind of visa you processed. Once you are eligible as a UK resident, your cost for consultations, checkups, and every other medical bill is covered.
It is only in some cases that you might have to pay for your prescribed medications from your personal pockets. This does not mean that residents are bound to receive the government’s free medical healthcare service. You can opt for healthcare services where you have to foot your bills in private hospitals. This insurance is covered by tax payment of responsible residents and there are also a few exceptions adults have to this access depending on the nature of health conditions that they have.
Your utility bills will be dependent on the services and packages you are running. However, the general cost of these things and their inflation will also affect the packages of services that you run. For example, the high cost of petrol will, in turn, increase the cost of an average earner in running a home with an office generator where there is no electricity.
Why is the Cost of Living in the UK high?
A major reason for the increase in housing and living as a whole, in the UK, can be attributed to the increase in energy. The energy tariffs and cost of oil petrol, diesel, etc.) are o the increase. An increase in the cost of energy affects many other strata of living. For example, transportation depends on petrol. The movement of goods and services will be on the increase when the price of energy is high. Transportation costs will in turn affect the prices of goods and services.
Power in houses depends largely on energy. Electricity prices and wholesale gas prices all add up to the high cost of living in the UK. Every house all over needs the energy to run. This becomes a problem for the average worker in the UK, where they cannot generate power for necessities.
Affordable cities to live in the UK
In case you are wondering if there are really cheaper alternatives to living in the UK, the answer you are looking for is yes. Are you looking forward to being an international student in the UK? Lincoln, Cardiff, Belfast, Leicester, Newcastle, Lancaster, Coventry, Warwick, Sterling, etc. are places you can afford to live in. There are also affordable options for you if you just want to travel for tourist reasons. The United Kingdom has a very vast cultural and world-leading financial market.
The cost of living in the UK in 2022 has gone really higher than it was a few years back, and the government is acting to relieve residents of the inflation. You can still consider alternative, cheaper cities to settle in. Visit here to also know about the cost of living in Canada.