It can be challenging to decide when or even if you should transfer residences right now. However, as the property market in the UK begins to return to normal, more people are considering moving.
Affordability is the biggest factor keeping individuals from moving. It’s no secret that costs have been constantly growing in the UK for years, making it difficult to locate a house you can afford on a tight budget.
So being one of the best international relocation companies UK here we have listed some of the five most affordable cities to live.
What is Price to Earnings’ Ratio (PE)?
A location’s cost of living is influenced by both the upfront cost of housing as well as its ongoing expenses. The “Price to Earnings” ratio (PE) compares the average cost of real estate to the yearly income earned in that area; if a preferred home is more affordable relative to your yearly wage, this eases up on the significant costs connected with moving. As a result, metrics like PE provide a more accurate picture of reality than big headline numbers.
The price-to-earnings (PE) ratio is used to determine the typical cost of a property in a given location in comparison to how much local residents make annually. If the PE ratio is 5, it means that on average, yearly household income is five times higher than the cost of real estate. The lower the better from an affordability perspective.
Most Inexpensive Places in the UK:
• Durham
Durham is situated northeast of Newcastle upon Tyne in England. The River Wear, which circles Durham Cathedral and Norman Castle, gives the city its name. The 13th-century structure Crook Hall, which has lovely gardens and a maze, is located north of the castle.
Durham University, which is located south of the river, has a beautiful Botanic Garden with vistas of tropical and woodland plants, as well as an abundance of Asian, Egyptian, and Middle Eastern artefacts on display at its Oriental Museum.
Cost of Living:
Durham is a well-liked and among the most affordable areas in the UK to live, particularly for students. Durham offers numerous reputable universities and legal schools, and living expenses are affordable. In County Durham, a 1BHK flat typically costs £650 per month in rent while it costs £360 outside of the city. The monthly transport permit is available for £55 and the cost of basic utilities is approximately £235.
• Belfast
The RMS Titanic was constructed in Belfast, the capital of Northern Ireland. Since then, the city has restored its dockyards and established the Titanic Quarter, which houses the Harland & Wolff Drawing Offices, Titanic Slipways, and Titanic Belfast, a museum devoted to the ship. The Slipways now feature outdoor musical performances.
Cost of Living:
Belfast, Northern Ireland, has a relatively low cost of living, with a 1BHK flat renting for about £495 in the city and £325 outside of it. The monthly travel pass is £50, while the cost of basic utilities is roughly £120.
• Leicester
International relocation companies UK find that one of the most affordable cities in the UK to live in is Leicester. Leicester is the ideal location if you’re seeking for a city with a rich history and culture. Everyone can have fun here thanks to the fantastic attractions, dining options, and nightlife.
Cost of Living:
Another inexpensive city to reside in the UK is Leicester. A 1BHK flat typically costs £535 outside of the city and £730 inside. International students can rent housing for £83 per week, while monthly utility costs average about £112.
• Newcastle
In North East England, close to the River Tyne, sits the university town of Newcastle upon Tyne. During the Industrial Revolution, it was well-known for producing and building ships, but today it serves as a hub for business, the arts, and the sciences. The Tyne River is traversed by the Gateshead Millennium Bridge, which connects the two cities and is renowned for its tilting aperture.
Cost of Living:
Newcastle offers excellent healthcare at a reasonable cost of living. The average price of a one-bedroom apartment is £650 in the city and £474 outside. In general, your monthly major utility payment will be around £130. Restaurants, entertainment, and gyms are all available for affordable costs.
• Coventry
Central England’s Coventry is a stunning city. The magnificent Coventry Cathedral, which was attacked during World War II and regrettably left in ruins, is the city’s most famous monument. However, a replacement from the 20th century that has stained glass that is abstract now sits next to it.
Cost of Living:
The average cost of renting a one-bedroom flat in Coventry is £530 for an apartment outside of the city limits and £655 for an apartment in the city centre. The average monthly utility bill comes to about £181.
Transport prices are reasonable, with a monthly travel pass inside the city costing about £51. Local markets are particularly inexpensive. The dormitory at Priory Hall is another place where students can live affordably and safely.
HelpXpat: One of Best International Moving Companies UK
While it may be difficult to locate large, reasonably priced housing in downtown London, there is a vast variety of property to rent or buy in much of the UK. You can select among houses, flats, and maisonettes depending on where you want to reside. Families of expats frequently favour homes with a private yard.
When you find a location that you like, be prepared to act immediately. Good rental properties are in high demand, so you may need to be ready to make a decision after just one viewing.