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The Sun
2 days ago
- Business
- The Sun
Cheapest areas to live in the UK including town with £120k homes and £599 rents – does your city make the list?
THE cheapest places to live in the UK have been revealed - with the winner boasting homes for an average of £120k and rents for less than £600. The cost of buying and renting has risen dramatically across the country in recent years, with wages failing to keep pace. 1 A new nationwide study now shows the cheapest areas to live in the UK compared to salaries, so you can find out if where you live is actually affordable - or whether it may be time to move. Burnley, Lancashire, is Britain's most affordable place to live, according to Investing Insiders' cost of living index. Its average house price is £120,719, while the average monthly cost of rent is £599. The median weekly salary of the town's residents is £530, meaning the average house price is just under 4.5 times the amount the average person earns in a year there (£27,565.20). It also takes locals just over a week to cover the average rent price on the median salary. Kingston-upon-Hull came in second place, with the East Yorkshire city having higher weekly wages than Burnley at an average of £575.50. However, house prices are more expensive at an average of £131,374, while average monthly rents are £642. Nine out of the 10 cheapest places to live are located in Wales or the North of England, while the 10 most expensive places are all found in and around London. Taking the third spot was Hartlepool, with the cheapest average monthly rent out of the top 10 at £546, while average house prices are £136,148. But it also has the lowest weekly wage at £523.20. 5 things to check before applying for a mortgage Cumberland came in fourth place, in part thanks to its weekly wages of £612.30, which were the highest out of the top 10. Average house prices in the North West town are £165,099, and rent is £618 a month, which are both higher than in the other most affordable places. Neath Port Talbot in South Wales is in fifth place, with wages averaging £601.90 per week, but house prices are also higher than most in the top 10 at £161,605. Blaenau Gwent is in sixth place, ahead of Hyndburn and then County Durham. Stoke-on-Trent came in ninth, and Sunderland rounds off the top 10. The study also looked at the most expensive places to live in the UK, with the top 10 least affordable all in the capital. The Royal Borough of Kensington and Chelsea is the most expensive place to live, with average house prices of £1,345,813 and average monthly private rent of £3,663, compared to a median weekly salary of £703.70. Westminster, Camden, Hammersmith and Fulham, and Richmond upon Thames make up the bottom five, as each has an average house price of at least £750,000. Investing Insiders founder Antonia Medlicott said: "These figures lay bare the widening gap between the UK's most and least affordable housing markets. "It's shocking that a young professional in Westminster needs over twenty years of net income to buy a typical flat, while someone in Sunderland can do the same in under five. "Whether you're saving for a first home or debating a relocation, these numbers prove there are realistic paths to ownership, if you know where to look and how to play the system." Lifetime ISA 'still in good working order' The study also revealed that the Lifetime ISA cap - which means savers can only buy a house up to the value of £450,000 - still covers 85 per cent of areas in the UK. It found that house prices in 54 out of 350 local authorities exceed the limit, including Westminster, Oxford, and Cambridge. There have been calls to reform Lifetime ISAs in recent years, with experts and campaigners arguing that the current cap has not kept up with rising house prices and has led to thousands missing out on buying their first home. The £450,000 limit has not changed since the LISA was first introduced in 2017. 'It's great to see that the Lifetime ISA is still in good working order for 85 per cent of the UK, and first-time buyers should look to maximise their usage of the £4,000 a year allowance," Ms Medlicott adds. 'However, for those who have reached that limit, already own a home, or are in an area where the house will exceed the £450,000 limit, it can be confusing what to do. "Whilst there are many options available, a Stocks & Shares ISA can be hugely beneficial, as it is most useful when used for the long term, like owning a home. 'The historical performance shows that these investments are great when aiming for larger life goals such as saving for a home, and can allow you to achieve the necessary funds much quicker for a deposit.' How to save for a home deposit IT can be overwhelming to know where to even start when it comes to saving for a home deposit Our Senior Consumer Reporter Blathnaid Corless shares some tips on how you can save to get on the housing ladder. The first thing you'll need to do is set a savings target. A house deposit is typically 5-10% of the property value, so take a look at the average house prices in the areas you want to live and calculate how much you'll need to save. From there, you should analyse your monthly or weekly spending to find areas where you could cut costs, such as eating out and takeaways, or any subscriptions you don't use. You could cut the costs of your household bills by comparing providers for energy, internet and other utilities. Price comparison sites such as USwitch and MoneySuperMarket can compare prices for you to help you find the best deal. Make sure you have the right savings account to maximise your money. A Lifetime ISA allows you to save up to £4,000 per year and receive a 25% government bonus. However, you can only use this to buy a house worth up to £450,000, so it may not be the best option if you live in an expensive area or you want to buy a bigger property. Some banks offer fixed-term or regular savings accounts with competitive rates which could also help you save. If you're renting, you could also consider moving back in with parents or other family on a temporary basis to help you save. .
Daily Mirror
4 days ago
- Business
- Daily Mirror
Boost income by £330 annually with little-known government scheme
It currently costs around £43,900 a year for a comfortable retirement. And with the full new state pension covering £11,973, savers will need to make up the difference themselves. Finance expert Antonia Medlicott has revealed a savvy tip for those eyeing a comfortable retirement, with the current annual cost estimated at about £43,900. With the full new state pension providing just £11,973, Brits are left to bridge the gap themselves. Antonia, MD of Investing Insiders, is pointing savers towards a "little-known government scheme" known as Specific Adult Childcare Credits that could bolster your state pension to the maximum if you're short on qualifying years. The investment expert said: "When a parent gets child benefit, they also get national insurance credits, but if they're working and someone else is doing the childcare, like a grandparent, then those credits can be transferred, which increases your retirement income if you don't have enough national insurance contributions. "Each year of credit can be worth up to £330 in extra pension income. Over a 20-year retirement, that equates to £6,600. Even better, you can backdate credits to 2011 in the application." Should have no effect on state pension entitlement And there's no need to worry about the parents' state pension entitlement – it remains unaffected as long as they're clocking up qualifying years through other means, such as employment. Royal London's analysis shows just over half of the 3.4 million people on the new state pension snag the full amount, reports Lancs Live. The remainder receive amounts proportional to the number of qualifying years they possess. To secure the full sum, you need 35 qualifying years where you either contributed National Insurance or obtained credits such as the Specific Adult Childcare entitlement. To qualify for the credits, you must be aged over 16 but below state pension age, the child's parent or primary carer must consent to transferring their credit to you, and they must verify that you have cared for their child. You must also be an 'eligible family member' - this encompasses aunts, uncles, siblings irrespective of blood ties, grandparents, great-grandparents or great-great-grandparents. Check your pension Antonia also encouraged individuals to monitor their pensions even if retirement is years away. She said: "A staggering 55% of workplace pensions underperform against industry standards, which could leave workers with an income shortfall when they retire. "It's vital to take an active interest in a workplace pension to make sure it's on track for a comfortable retirement. Simply checking a pension regularly (at least once a year) will help workers identify any disappointing returns and take action if they need to change their investment strategy." Antonia highlighted that a mere 10% of the UK population have taken advantage of a Self-Invested Personal Pension (SIPP), which offers the same tax benefits as workplace pension schemes but with greater control over investment choices. She recommended considering a SIPP for several reasons beyond merely enhancing retirement income. She said: "There is a lot of flexibility when it comes to this pension; you can contribute as much or as little as you want. It is also very effective when it comes to estate planning. "You can pass on your pension savings to nominated beneficiaries very easily, which gives good peace of mind to know that your money will end up with loved ones." The finance guru also pointed out a common costly mistake regarding pensions: delaying the start of saving. She elaborated: "If you invest £200 a month from the age of 25, by 65 you could have a pot of over £459,000 at an average return rate of 7.5 per cent. "But if you start at 35, that pot will be £223,000, and it will be just £98,600 if you start at 45." It's important to remember that investments carry risk, and it's advised not to invest more than you can afford to lose at any point in life or when planning for retirement.
Scotsman
7 days ago
- Business
- Scotsman
Expert provides five finance tips that could add £367,000 to Scots pension pots
Scots are losing money from their pension pots because of simple mistakes like failing to apply for government credits and low-performing pensions, but new tips from a finance expert explain how you can get your money in check. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Scots are losing money from their pension pots because of simple mistakes like failing to apply for government credits and low-performing pensions, but new tips from a finance expert explain how you can get your money in check. Recent data shows that £43,100 is needed annually for a comfortable retirement in Scotland, yet more than a fifth feel unprepared for their later years. Fortunately, to help prepare yourself, finance expert Antonia Medlicott, Managing Director of Investing Insiders, has revealed five things you should do to give yourself a more comfortable retirement. Advertisement Hide Ad Advertisement Hide Ad 41 per cent of workers are not currently contributing to a private pension, but Antonia's guidance shows there are simple changes that can provide huge gains in retirement pots. Start thinking about your pension now. Apply for Specific Adult Childcare Credits When a parent gets child benefit, they also get national insurance credits, but if they're working and someone else is doing the childcare, like a grandparent, then those credits can be transferred, which increases your retirement income if you don't have enough national insurance contributions. This little-known government scheme is called Specific Adult Childcare Credits, and each year of credit can be worth up to £330 in extra pension income. Over a 20-year retirement, that equates to £6,600. Even better, you can backdate credits to 2011 in the application. The scheme leaves parents worried and asking questions such as 'will this negatively impact my own pension entitlement?', but the great news is that it doesn't, as they are working, which provides them with the national insurance credit anyway. Check your workplace pension Advertisement Hide Ad Advertisement Hide Ad A staggering 55 per cent of workplace pensions underperform against industry standards, which could leave workers with an income shortfall when they retire. It's vital to take an active interest in a workplace pension to make sure it's on track for a comfortable retirement. This issue is particularly acute for women, as only 28 per cent know where their pension is invested compared to over half of men (51 per cent). And recent government estimates show that women have 35 per cent less private pension wealth than men. Advertisement Hide Ad Advertisement Hide Ad Simply checking a pension regularly (at least once a year) will help workers identify any disappointing returns and take action if they need to change their investment strategy. Open a Self-Invested Personal Pension A Self-Invested Personal Pension allows you to have more control over how your money is invested and is popular due to its tax efficiency; all contributions are tax-deductible, and all growth is entirely tax-free. Making it an effective way to save for retirement. Around 10 per cent of Scotland's adult population currently hold a SIPP. Statistics over the last decade show that the average self-interest personal pension returns 5.2 per cent per year, compared to a standard default pension, which is between 3-4 per cent. There is a lot of flexibility when it comes to this pension; you can contribute as much or as little as you want. It is also very effective when it comes to estate planning. You can pass on your pension savings to nominated beneficiaries very easily, which gives good peace of mind to know that your money will end up with loved ones. Diversify income sources Advertisement Hide Ad Advertisement Hide Ad It's crucial that when you get to your retirement age, you diversify your income sources. Having this will help protect you from pension shortfalls and market volatility. This can be through state pensions, workplace pensions, investments, and personal savings. Each income source gives you an extra level of financial protection, as well as comfort during your retirement. If you combine this with being debt-free, then there's no reason you can't enjoy a stress-free and work-free later life. If you invest £200 a month from the age of 25, by 65 you could have a pot of over £459,000 at an average return rate of 7.5 per cent. But if you start at 35, that pot will be £223,000, and it will be just £98,600 if you start at 45. Debt-free living One of your main aims before retirement should be eradicating or minimising your debt. Particularly debt with high interest, as having to make regular payments on this could take a considerable amount out of your budget. Advertisement Hide Ad Advertisement Hide Ad It's also essential to think about your mortgage. If this is paid off before your retirement, then you won't have to worry about accommodation. On average, the Scottish population spends 36.7 per cent of its annual income on rent or mortgages alone. This will improve your financial flexibility, with that money instead going towards essentials like bills, food, and clothing. Whilst still having enough left over to treat yourself in your later years. Finally, Antonia commented: 'We often don't want to think about ourselves reaching retirement age. However, assessing the situation now and making small changes, such as checking for childcare credits or how your workplace pension performs, will leave you better prepared when you approach the end of your working life in Scotland. 'Deciding to start investing a small portion of your monthly income now could leave you with a lot more in your pension pot. That money will allow you to have a more comfortable retirement, or even let you retire earlier than planned.'
Scotsman
7 days ago
- Business
- Scotsman
Expert provides five finance tips that could add £367,000 to Scots pension pots
Scots are losing money from their pension pots because of simple mistakes like failing to apply for government credits and low-performing pensions, but new tips from a finance expert explain how you can get your money in check. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Recent data shows that £43,100 is needed annually for a comfortable retirement in Scotland, yet more than a fifth feel unprepared for their later years. Fortunately, to help prepare yourself, finance expert Antonia Medlicott, Managing Director of Investing Insiders, has revealed five things you should do to give yourself a more comfortable retirement. 41 per cent of workers are not currently contributing to a private pension, but Antonia's guidance shows there are simple changes that can provide huge gains in retirement pots. Apply for Specific Adult Childcare Credits Advertisement Hide Ad Advertisement Hide Ad Start thinking about your pension now. When a parent gets child benefit, they also get national insurance credits, but if they're working and someone else is doing the childcare, like a grandparent, then those credits can be transferred, which increases your retirement income if you don't have enough national insurance contributions. This little-known government scheme is called Specific Adult Childcare Credits, and each year of credit can be worth up to £330 in extra pension income. Over a 20-year retirement, that equates to £6,600. Even better, you can backdate credits to 2011 in the application. The scheme leaves parents worried and asking questions such as 'will this negatively impact my own pension entitlement?', but the great news is that it doesn't, as they are working, which provides them with the national insurance credit anyway. Check your workplace pension A staggering 55 per cent of workplace pensions underperform against industry standards, which could leave workers with an income shortfall when they retire. Advertisement Hide Ad Advertisement Hide Ad It's vital to take an active interest in a workplace pension to make sure it's on track for a comfortable retirement. This issue is particularly acute for women, as only 28 per cent know where their pension is invested compared to over half of men (51 per cent). And recent government estimates show that women have 35 per cent less private pension wealth than men. Simply checking a pension regularly (at least once a year) will help workers identify any disappointing returns and take action if they need to change their investment strategy. Open a Self-Invested Personal Pension Advertisement Hide Ad Advertisement Hide Ad A Self-Invested Personal Pension allows you to have more control over how your money is invested and is popular due to its tax efficiency; all contributions are tax-deductible, and all growth is entirely tax-free. Making it an effective way to save for retirement. Around 10 per cent of Scotland's adult population currently hold a SIPP. Statistics over the last decade show that the average self-interest personal pension returns 5.2 per cent per year, compared to a standard default pension, which is between 3-4 per cent. There is a lot of flexibility when it comes to this pension; you can contribute as much or as little as you want. It is also very effective when it comes to estate planning. You can pass on your pension savings to nominated beneficiaries very easily, which gives good peace of mind to know that your money will end up with loved ones. Diversify income sources It's crucial that when you get to your retirement age, you diversify your income sources. Having this will help protect you from pension shortfalls and market volatility. This can be through state pensions, workplace pensions, investments, and personal savings. Advertisement Hide Ad Advertisement Hide Ad Each income source gives you an extra level of financial protection, as well as comfort during your retirement. If you combine this with being debt-free, then there's no reason you can't enjoy a stress-free and work-free later life. If you invest £200 a month from the age of 25, by 65 you could have a pot of over £459,000 at an average return rate of 7.5 per cent. But if you start at 35, that pot will be £223,000, and it will be just £98,600 if you start at 45. Debt-free living One of your main aims before retirement should be eradicating or minimising your debt. Particularly debt with high interest, as having to make regular payments on this could take a considerable amount out of your budget. It's also essential to think about your mortgage. If this is paid off before your retirement, then you won't have to worry about accommodation. On average, the Scottish population spends 36.7 per cent of its annual income on rent or mortgages alone. Advertisement Hide Ad Advertisement Hide Ad This will improve your financial flexibility, with that money instead going towards essentials like bills, food, and clothing. Whilst still having enough left over to treat yourself in your later years. Finally, Antonia commented: 'We often don't want to think about ourselves reaching retirement age. However, assessing the situation now and making small changes, such as checking for childcare credits or how your workplace pension performs, will leave you better prepared when you approach the end of your working life in Scotland. 'Deciding to start investing a small portion of your monthly income now could leave you with a lot more in your pension pot. That money will allow you to have a more comfortable retirement, or even let you retire earlier than planned.'
Daily Record
24-06-2025
- Business
- Daily Record
Expert provides five finance tips which could add £367,000 to your pension pot
Brits are losing money from their pension pots because of simple mistakes like failing to apply for government credits and low-performing pensions, however, essential tips from a finance expert explain how you can get your money in check. Recent data from the Pensions and Lifetime Savings Association (PLSA) shows that £43,900 is needed annually for a comfortable lifestyle in retirement, yet more than a fifth of Brits feel unprepared for their later years. The PLSA sets three different retirement lifestyles - minimum (£13,400), moderate (£31,700), and comfortable (£43,000) - to give people a general indication of the kind of lifestyle they may be on track for in retirement. To help prepare yourself for retirement, finance expert Antonia Medlicott, Managing Director of Investing Insiders, has shared five things you should do to give yourself a more comfortable lifestyle in later life. Some 41 per cent of employees are not currently contributing to a private or workplace pension, but Antonia's guidance shows there are simple changes that can provide huge gains in retirement pots. Apply for Specified Adult Childcare Credits When a parent gets child benefit, they also get national insurance credits, but if they're working and someone else is doing the childcare, like a grandparent, then those credits can be transferred, which increases your retirement income if you don't have enough national insurance contributions. This little-known UK Government scheme is called Specified Adult Childcare and each year of credit can be worth up to £330 in extra pension income. Over a 20-year retirement, that equates to £6,600. Even better, you can backdate credits to 2011 in the application. The scheme leaves parents worried and asking questions such as 'will this negatively impact my own pension entitlement?', but the great news is that it doesn't, as they are working, which provides them with the national insurance credit anyway. Check your workplace pension A staggering 55 per cent of workplace pensions underperform against industry standards, which could leave workers with an income shortfall when they retire. It's vital to take an active interest in a workplace pension to make sure it's on track for a comfortable retirement. This issue is particularly acute for women, as only 28 per cent know where their pension is invested compared to over half of men (51%). And recent government estimates show that women have 35 per cent less private pension wealth than men. Simply checking a pension regularly (at least once a year) will help workers identify any disappointing returns and take action if they need to change their investment strategy. Open a Self-Invested Personal Pension A Self-Invested Personal Pension (SIPP) allows you to have more control over how your money is invested and is popular due to its tax efficiency; all contributions are tax-deductible, and all growth is entirely tax-free. Making it an effective way to save for retirement. Around 10 per cent of the UK adult population currently hold a SIPP. Statistics over the last decade show that the average self-interest personal pension returns 5.2 per cent per year, compared to a standard default pension, which is between 3-4 per cent. There is a lot of flexibility when it comes to this pension; you can contribute as much or as little as you want. It is also very effective when it comes to estate planning. You can pass on your pension savings to nominated beneficiaries very easily, which gives good peace of mind to know that your money will end up with loved ones. Diversify income sources It's crucial that when you get to your retirement age, you diversify your income sources. Having this will help protect you from pension shortfalls and market volatility. This can be through state pensions, workplace pensions, investments, and personal savings. Each income source gives you an extra level of financial protection, as well as comfort during your retirement. If you combine this with being debt-free, then there's no reason you can't enjoy a stress-free and work-free later life. If you invest £200 a month from the age of 25, by 65 you could have a pot of over £459,000 at an average return rate of 7.5 per cent. But if you start at 35, that pot will be £223,000, and it will be just £98,600 if you start at 45. Debt-free living One of your main aims before retirement should be eradicating or minimising your debt. Particularly debt with high interest, as having to make regular payments on this could take a considerable amount out of your budget. It's also essential to think about your mortgage. If this is paid off before your retirement, then you won't have to worry about accommodation. On average, the UK population spends 35.7 per cent of its annual income on rent or mortgages alone. This will improve your financial flexibility, with that money instead going towards essentials like bills, food, and clothing. Whilst still having enough left over to treat yourself in your later years. Antonia said: 'We often don't want to think about ourselves reaching retirement age. However, assessing the situation now and making small changes, such as checking for childcare credits or how your workplace pension performs, will leave you better prepared when you approach the end of your working life. 'Deciding to start investing a small portion of your monthly income now could leave you with a lot more in your pension pot. That money will allow you to have a more comfortable retirement, or even let you retire earlier than planned.'
