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 the most recent data, the annual average cost of living in the UK is around £24,000 for an individual and £37,000 for a household. According to the Office of National Statistics (ONS), consumer price inflation reached its highest level in 40 years in October 2022. 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 September 2023 was just over £32,000.
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 around £799 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 November 2023 is just £246,781. Flats in Manchester are even more affordable, averaging at around £200,235.
Are house prices still rising in Manchester?
Despite the stagnating UK property market, house prices in several Manchester postcodes are still rising. In November 2023, average sold prices across Greater Manchester were at a similar level to the same time a year ago, while prices are falling in other parts of the country.
While the property market has experienced a slowing in many of the areas of the UK, including prices stagnating in London, Manchester is seemingly bucking the trend. This means Manchester remains a competitive property market for a city of its size and stature, with plenty of remaining growth potential.
Is it expensive to rent in Manchester?
Renting in Manchester is relatively cheap for a big city. The median rent for the city is £1,390 per month. Meanwhile, median rent for a 1-bedroom apartment in the city is around £1,095 per month. A 3-bedroom property should cost around £1,500 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 55% lower in Manchester. General consumer prices are around 22% 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.
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.