By reading this blog post, you must be considering the pros and cons of relocating for a job. Without a doubt, this is a major decision, involving complex logistics and moving expenses. Nevertheless, it is important to recognise the benefits that relocating for a job may hold for you.
A new career opportunity can open many doors, doors which may lead to higher salaries, career advancement or even your dream job! Relocating can also improve your relationships with friends and family, as a result of a better work-life balance!
Moving to the big city, but which one?
Maybe you’re a graduate who can’t wait for their big shot? Or, you’re a professional looking to develop your skills, alongside industry experts, career coaching you to greatness? A move for career development can outweigh the costs of city living in the long run. Furthermore, you’re more likely to earn more working in the City!
Data released by the Office for National Statistics (ONS) in 2015, cited that the median gross annual wage for people working in inner London is £34,473 (half earn more than this and half earn less). Meanwhile, the median wage for the UK as a whole is a lower, £22,044.
So we should all head for London, right?
No. It’s a trap! (okay, we’re being a little dramatic.)
However, it is extremely important to consider the considerable difference in living costs. For example, if we compare London to Manchester. Rent prices alone are 33.72% lower in Manchester than in London!
According to data from Numbeo, you would need around £3,058.80 in Manchester to maintain the same standard of living that a whopping £4,600.00 in London would allow you (assuming you rent in both cities).
Many industry leaders have concluded that London has reached a saturation point, with many business owners looking to start up elsewhere.
All hail, the Northern PowerHouse…
Most notably, Manchester proves its self the beacon of the Northern PowerHouse movement as these transitions have already started to take place. For example, the establishment of Media City and most recently, Amazon (2020) opting for Manchester offices over London! A clear shift is occurring.
And it’s not just business owners, people are moving too! According to a report by CW Jobs, titled “How the Northern Powerhouse rivals London for the best Tech talent” – whose title alone conveys this distinct shift north-wards – 26% of Tech Professionals included in the survey relocated up North from London.
Additionally, the report also asked Techies where they thought the next up and coming Tech Hub would be. The result? 24% said Manchester, 12% thought Leeds and only 10% predicted that London would hold onto its crown.
Leeds? I hear you ask. Interestingly, it is not just Manchester fronting exceptional growth in the Technology sector. Leeds is ‘leading’ the way when it comes to Fintech! With FinTech giants such as First Direct, Skipton Building Society and TransUnion (to name a few) all opting to house offices in the Northern City. Have a look at our location page for more information on this.
So, how does the cost of living in the North compare with London?
Housing Costs- Manchester vs London
Additionally, you may want to consider the added benefit of housing costs. The average price paid on any property type (terrace, detached, semi-detached) between Manchester and London saw a whopping £441,525 difference!
The difference is huge! So huge in fact, that you would be able to buy a large detached house in Manchester for an average price of £308,428!
And what about the price difference for flats? We’re glad you asked…
So there you have it. You could purchase a detached home in Manchester for less than a London flat. Clearly, a huge benefit of relocating North for work would be the quality of accommodation you receive.
Are you still living in shared housing in London and hating it? Maybe you should consider whether relocating north-wards would outweigh the difference in salary, or outweigh the nuisance of someone constantly stealing your milk. (We know, we’ve been there).
But, as Jessie J once sang, it’s not all about the money. Moving to a new place can have great benefits for your social life too!
A huge benefit of relocating for a job is the vast amount of new people you will meet. According to a survey on 3,078 relocators by The People Perspective on Relocation, a whopping 71% said that they got to enjoy new experiences, as a benefit of relocating for a job.
Relocating for a job doesn’t always mean moving to “the big city”. Often, young professionals looking to start a family, or those who are fed up with the hustle and bustle of the city, relocate to roles in suburban areas.
For example, many people working in Manchester City Centre relocate to towns such as Wilmslow, Poynton and Altrincham. One of the many benefits for those who have moved away from the city is often saving travel time and travel costs. This means that they are able to make time for: family, the school run and mindfulness, away from the stresses of work-life.
If you’re debating relocating, researching what local schools you will be in the catchment area for, may prove an added benefit of relocating for your job! A 2009 Press Association survey shows that more than 16,800 children failed to get a reception class place at their parents’ preferred school. If a better school lies in the midst of your move, could you be persuaded?