The price factor of London
University graduates are often in two camps when it comes to working in London: one that relishes the opportunity to live in one of the world’s largest and most thriving cities, the other more reluctant to move because they worry about the expense and high living costs associated with the capital.
While it is true that London is slightly more expensive than other cities in the UK this is often balanced out by the higher wages offered. In 2009′s end of year report, a graduate in London earned on average £25,000, £2000 more than graduates across the rest of the country.
This extra money isn’t all that noticeable when you factor in extra costs. While rent can be variable across the city, you’re likely to be paying more than if you were working in Birmingham or Manchester. Living by yourself is a sure way to hike up bills so it’s financially wise to look to share with others. As well as rent likely to be smaller, you’ll be sharing bills and council tax so you’ll end up spending less.
One other option to reduce living costs is to live outside the city centre – where you’re likely to find more manageable rental prices – but the daily commute adds on a bit of money as well as time which may not be ideal for some people.
Bills in London are generally no different than in other areas of the country. Things like phone lines and internet are certainly no higher but one necessity – council tax – can be more expensive. There are 33 boroughs covering Greater London and council tax varies hugely across these. Wandsworth and Westminster Council have the lowest rates. Westminster Council includes some of the more expensive areas in London, while Wandsworth Council houses some affordable, yet high class, areas. Estate agents Balham, Clapham and Streatham can help you find housing with affordable council tax.
Other costs, such as food and drink, are a little bit pricier and get more expensive if you want to eat out or hit the pubs every night. A sensible nightlife and a familiarity with your kitchen can see you keep costs low.
Travel is another area where Londoners see a price hike – mainly due to the reliance on the tube for travelling. While extremely convenient and an easy way to get about the city, regular travellers will see a significant dent in their expenses because of this mode of transport. Drivers, too, will pay more because of the congestion zone charge.
So, in all, graduates living in London will find things are a bit pricier than they would be elsewhere in the country but the array of entertainment opportunities and jobs on offers make it a worthwhile place to experience.
Gladstone Brown is a freelance author who writes for both business and pleasure. He uses this site for both purposes and all articles should be used for information and not as pieces of advice.
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