Manchester residents are on average 65% better off in real terms than their London counterparts, according to research by Manchester Digital, the independent trade association for digital business in the North West.
Figures have highlighted the discrepancy in living expenses between the two cities, estimating that it costs just £2,900 per month to maintain the equivalent standard of living as somebody spending £4,439 per month in London. This looks set to rise in coming months as the predicted increase in interest rates comes into effect.
These costs run counter to salaries in Manchester – particularly in the digital and tech sectors – which have steadily risen in recent years, as businesses compete for staff amidst a skills shortage. For example, the average wage for a Manchester web developer is £50,000, with the same job paying £55,000 in central London; just 10% more.
A recent report by Manchester Digital showed that 4 in 5 people would recommend working in Manchester to a friend and over half said the cost of living is the most appealing reason for staying in the city. A further 50% said that the city’s social scene is an appealing part of life there.
Commenting on the figures, Katie Gallagher, managing director of Manchester Digital, said:“This goes some way to debunk the myth that wages in London are proportionally higher than those in other parts of the country, and can cover the higher cost of living. These disparities are shocking, to say the least, and showcase why Manchester is an extremely attractive location in which to live and work.”