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Moving to London: life comparison

Hi guys,

I'm currently earning 45k in Cambridge. I'm 26 and single so I'm able to save a lot per month. I do have student loans of something insane like 30k, and I am renting but would like to have a house one day (I have saved about 30k or so).

I have a job offer for London for 70k. It's in central London.

I suspect even though London is ridiculously expensive, will I have much more of a standard of living (noting I am right on the threshold of 40% tax now anyways). And also, how realistic is it really to ever get a house in London? It seems our generation is doomed.

Any advice appreciated!

Thanks. | Modified: March 22, 2018 | Author:

9 Comments

I've done something similar. Moved to London from a smaller city for much less, but with a clear career progression plan. It paid off in every way, no regrets. The higher standard of living is available in London. Whether you dive into it or not is up to you. Availability also does not mean accessibility - it's expensive, scales infinitely and you could easily spend your month's savings on just a couple nights out.   [ imgaypanda 1 year ago ]

Software engineer? My 28yo SO has just moved to a new job as CTO, pay is 75k+. Our rent is 1500/mth (2-bed flat in Camberwell) and he pays it for the both of us. I pay bills, but he covers groceries, all meals out and everything we need for the cat. OP will be able to live very comfortably on similar salary. Edit: SO also saves 1,000/mth   [ myrargh 1 year ago ]

That's a crazy salary at your age. You need a bit more deposit, but easy to buy a house on that. Interest is so low you'd be paying far less than in rent.   [ Poepholuk 1 year ago ]

The usual answer, obviously, is that it depends. Your salary will be 3600 a month or so, assuming a very generous 12% personal salary sacrifice into a pension and no other major deductions. It depends on your lifestyle choices. You could stay home in your small studio apartment, eat home prepared meals from ingredients sourced from local markets, watch council telly, take buses or walk to/from work and live a very frugal life. Or, you could not. It's very easy to get caught in the trap where you eat out every night, have a few drinks after work every day, go out for lunch with your colleagues... I reckon that on that salary, if you're single and live frugally, you should be able to save around 1/3rd of your salary without scrimping too much. So, ultimately, it's up to you.   [ phil-99 1 year ago ]

What kind of job do you have that paus 70k for a 26 y.o.? Good for you though!   [ jordicl 1 year ago ]

you'll be fine - if you put 1.75k a month (leaving you 1.75k for everything else) for 4 years youll have 85k for a deposit (plus whatever you have now) - so you could buy a 400k property if by yourself or well over that if with a partner who earns some money too. when you start looking in Z3/4/5 things get more reasonable.   [ explax 1 year ago ]

The problem is, you're planning on buying a house on your own. It's never really been possible to get much on a single income, especially in London. I mean, on your own, you'd only be able to look at places for 300k. Throw in someone else earning 30k and you'd be up to 400k instead. Keep saving, don't live like you earn 70k, carry on how you are. It'll be ok Or - just buy somewhere for 300k. There are lots of places for that price. Mostly studio flats though.   [ ringo_24601 1 year ago ]

Cambridge and London are similarly priced.   [ OneMoreAlwaysOneMore 1 year ago ]

I earn more than that and Im no where near buying a house (that id want to live in)   [ thejamsandwich 1 year ago ]

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