Through extensive data research using Numbeo for our new Cost Of Living guide, the startling news that rent in Edinburgh is on average over £1,000 cheaper than it is in London inspired us to look into the other differences between the two capitals. Although both cities have a high cost of living, it’s clear that even between the two, there are vast differences.
What does this mean for people living in Scotland and England? How does this affect the likelihood of falling into debt?
How Much Does It Cost To Rent In Edinburgh And London?
Looking at the average cost of renting a 1 bedroom flat, in Edinburgh, this will set you back £657 per month. In London meanwhile, this price rises by over £1,000 to £1,684 per month.
How Do Average Wages Compare?
Working in London, you can expect to earn an average wage of £2,067.44 per month, while in Edinburgh you will receive on average £1,651.86.
So if we look at the average rent and salary, we can see that if you’re living in a 1 bed flat in London, you’ve already spent over half of your month’s wages on rent. If we add to this the average London costs of utilities (£152.56) and food shopping (with each food shop costing £58.65), you’re not left with a great deal of disposable income.
In comparison, the average costs for utilities in Edinburgh are £144.13, while an average food shop costs £58.81. Although this is still eating away a considerable chunk of your earnings, you’re still better off than you are in London.
How Do The Cost Of Amenities Compare?
The average cost of amenities is also overwhelmingly lower in Edinburgh compared to London. Sports and fitness is quite a bit cheaper for those in Edinburgh, with monthly fitness costing £35.02 rather than £48.59 in London, and tennis court hire £8.60 as opposed to £11.34. A taxi meanwhile will cost you over twice as much in London, the average fare for 1km being £3.30 rather than £1.60 in Edinburgh.
Are You Interested In The Cost Of Living Around The World?
It’s fascinating comparing the cost of living between various cities of the world. Why not check out the facts and figures in all their glory across many continents on our Cost Of Living Guide?
Worried About Getting Into Debt?
Although those in Edinburgh are better off when we compare the cost of living, it’s still all too easy to see how you can get into debt with a lower wage. Once you have taken away the costs of rent, utilities, shopping, and amenities, many have little money left month to month.
Trust Deed Scotland are aware of the struggles you can face and offer free advice to those concerned about their debts. In these tough financial times, you do not have to suffer with your debts alone – a protected trust deed can provide the support you need, and see you debt free in 48 months.