Manchester is the jewel in the crown of Northern England in terms of offering a fast-paced, fun and financially attractive lifestyle. But how expensive is it to live here? How does it measure up against the likes of London and other parts of the UK? We review the cost of living in Manchester, as this is always a major consideration for anyone wanting to move here.
In this simple guide, we’ll take you through the main cost of living considerations of living and working in Manchester. As an added bonus, we’ll point you towards some prime property prospects that won’t break the bank. At the end of the guide, you can find developments that offer the best value for money, according to their residents.
What is the yearly average cost of living in the UK?
According to various 2022 studies, the annual average cost of living in the UK is around £24,000 for an individual and £3700 for a household. According to the Office of National Statistics (ONS), consumer price inflation is at its highest level in almost 30 years. This is pushing up prices paid by everyone for everything from food and essential items, to energy bills and petrol.
How much money do you need to live in the UK comfortably?
How much you need to live comfortably in the UK is a matter of personal tastes and budgeting priorities. However, you should be earning at least enough to cover the average cost of living, plus enough to go towards savings and luxuries. According to the ONS, the UK average annual earnings for an individual on regular pay (salaried, self-employed, etc) in 2022 is just over £30,000.
Earning at this national average level should be enough to live comfortably in the UK.
Is living in Manchester UK expensive?
Manchester is a big city but it’s also considered to be one of the most affordable major cities in the world. Time Out Index named it the least expensive world city in 2022, where only 10% of resident Mancunians said they thought it was expensive to live here.
The cost of living in Manchester remains extremely competitive when put against similar big city living environments in the rest of the UK.
How much do you need to earn to live in Manchester?
To live comfortably in Manchester, you’ll need at least £700 per month plus rent or mortgage costs. This is the recent average cost of living estimate for an individual living in Manchester.
How much are house prices in Manchester?
Surprisingly, despite the property investment boom that continues in Manchester, property prices remain highly competitive. Zoopla’s recorded house price average for Manchester in May 2022 is just £238,500. Flats in Manchester are even more affordable, averaging at around £170,000.
Are house prices still rising in Manchester?
House prices in Manchester city and the boroughs of Greater Manchester are all still rising. In Jan 2022, Manchester itself recorded a year-on-year price increase of 7.2%. This rate has risen even more dramatically in some Greater Manchester boroughs, such as Oldham at 11.9% and Wigan at 10%.
This is part of a continuing trend of rapidly rising house prices across most of the UK. This means that Manchester still remains a relatively competitive property market for a city of its size and stature.
Is it expensive to rent in Manchester?
Renting in Manchester is relatively cheap for a big city. Rent for a 1-bedroom apartment in the city centre is around £900 per month. A 3-bedroom property outside of the centre should cost around £1125 per month.
Is it cheaper to live in London or Manchester?
It is significantly cheaper to live in Manchester when comparing it to London on almost every metric. Rent, a crucial cost of living consideration, is a massive 48.58% lower in Manchester. General consumer prices are around 18% lower too. Costs for entertainment options, transportation, sporting and leisure activities and cultural attractions are all lower in Manchester than in the capital.
Highest-rated new developments for value in Manchester
The following are a few of the top-rated Manchester developments in the ‘value for money’ category. They also happen to be among the top-ranked properties overall on HomeViews. Hopefully, this will point you in the right direction for finding some truly outstanding yet cost-effective options.
Top-ranked value developments in Manchester
We hope this simple guide to the cost of living in Manchester will prove helpful. If you’re seriously considering moving here, check out our area guide below. Here, you’ll find plenty of background information on what it’s like to live in this amazing city.
HomeViews provides verified resident reviews of the UK’s housing developments. We’re working with developers, house builders, operators, housing associations and the Government to recognise high performers and help improve standards in the built environment.