Forget London - move to this northern city if you want to save £800 per month after graduation
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Graduate life can bring on a host of new stresses. Where can you find a job? Will you have to move home? If not, where should you live? We don't have all the answers, but new research can give soon-to-be graduates in Leeds some advice on the last bit, at least. Letting agent Parklane Properties has found that, whilst only 18% of Leeds University students remain in the city after graduation, staying put might actually be a very worthwhile decision. The good news for the few who do decide to stay in West Yorkshire’s biggest city post-uni? They’ll be on average more than £800 per month better off than those who choose to move to London. Yes, £800+ per month. How is that calculated...? Based on rent, utility bills and council tax, graduates living in Leeds are on average a whopping £835 richer than their southern counterparts. Leeds residents spend on average £809 per month, while Londoners pay £1,644. This builds in extra disposable income per month in any job in Leeds that professionals in London just don't have. Additionally, Leeds has cheaper fares for Uber and the bus, and shorter commute times. A pint of beer, a cup of coffee and a good workout at the gym will cost you a whole lot less in Leeds than it will in London, too. There’s a strong disparity, though. Whilst Leeds isn’t overrun with graduates, one in six of those who live in Inner London have been to university. Whilst it’s obviously significantly cheaper, Leeds also has much lower crime rates than the capital, and employability rates between the two cities are comparable. Despite this, the number of Leeds University students moving to London has doubled in the past two years – and the capital remains the most popular city for Leeds students post-graduation. Martin Edmondson, Chief Executive at Gradcore, explains that whilst "London does attract in most of the UK’s graduates, there is a misconception that London is where all the opportunities. Even though the wages are better, the cost of living is disproportionately higher.” Our conclusion? That unless you happen to have a spare £800 per month floating around after graduation, the increasingly popular choice to move to London is probably not all that logical.
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