London equivalent salary

Ath_Wat

sultan123 said:

Grumpy_chap said:

sultan123 said:

Edi81 said:

70k in London is still a good salary.

Really? Thought it might be low if sole earner in family

Gosh - that is so amazingly out of touch!

sultan123 said:

Grumpy_chap said:

So many variables and so little context it is very hard for anyone to answer such a broad question.  

What further context is needed?

Trying to see if 70k is equivalent to say 90k in London

It might amaze you but "the north" is quite a massive place.  Also, London is quite a massive place.  
Are you comparing Altrincham, Knutsford or Wythenshawe against Edmonton, Hampstead or Nottinghill?

NMW is the same nationwide.

Car driver?
Commute time?
Access to green space?

What is the basis of the question, given you have a PAYE salary of £88k plus sole-trader income on top.  Once you define the issue, the simplest thing would be to share the parameters and your Accountant can quickly run some "what-ifs?"

https://forums.moneysavingexpert.com/discussion/6334450/net-salary-difference/p1

https://forums.moneysavingexpert.com/discussion/6345549/sole-trader-paying-wife/p1

This is a helpful forum, but just running hypothetical situations is difficult to do in a way that gives any meaningful outcome.

One process would be to compare Real Living Wage as some clever people have assessed a whole basket of factors to come up with £9.90 in the one place and circumstance that is "outside London" and £11.05 for the one place and circumstance that is "London".  A difference of just under 12% uplift for London.  Using that multiplier, £70k "outside London" equates to around £78k "London".

https://www.livingwage.org.uk/news/real-living-wage-increases-£9.90-uk-and-£11.05-london-cost-living-rises

I am just keen to understand cost of.living in london vs in north.

I thought 70k in north is equivalent to maybe 90k in London.

Interesting you say 70k is good salary in London but I don't see how it is enough if only 1 person is earning?

You have just been told why that can't be done.  "The North" and "London" are both big places with varying costs of living.

You must want to make a more specific comparison, so at least say where in "the North" you live.  It's pointless repeating a question when you've already been given the information that it's too vague to be of any use.  No doubt someone will come along to "answer" it but their answer will be worthless for the reasons you've been given.

Incidentally a hell of a lot of people live in London on a hell of a lot less than 70k, so saying "it can't be enough" is obviously nonsensical.  Again if you want to know whether it's "enough", outline the lifestyle that you want it to be "enough" for.

sammyjammy

If you were a civil servant on £70k "in this wide area of the North of the country" then you would be paid around £4k more for working in London.

sultan123

I will rephrase my question as I don't seem to have been clear.

What is a good wage to live in London with the following lifestyle:
- family of 4
- couple of holidays a year
- car x2 (one on lease, one 2nd hand bought)
- own house

Not looking at central london.

NCC1701-A

sultan123 said:

I will rephrase my question as I don't seem to have been clear.

What is a good wage to live in London with the following lifestyle:
- family of 4
- couple of holidays a year
- car x2 (one on lease, one 2nd hand bought)
- own house

Not looking at central London.

£55k

First 3 lines are the same cost in either location. Food and energy are similar, transport (& commuting time) vary enormously. 

So what is your definition of own home and where 'opp North versus where in London, Neither Wimbledon or Leyton are in central London but their house prices are vastly different.

sultan123

NCC1701-A said:

sultan123 said:

I will rephrase my question as I don't seem to have been clear.

What is a good wage to live in London with the following lifestyle:
- family of 4
- couple of holidays a year
- car x2 (one on lease, one 2nd hand bought)
- own house

Not looking at central London.

£55k

First 3 lines are the same cost in either location. Food and energy are similar, transport (& commuting time) vary enormously. 

So what is your definition of own home and where 'opp North versus where in London, Neither Wimbledon or Leyton are in central London but their house prices are vastly different.

Own home so 4 bedroom on a mortgage is what I mean.

NCC1701-A

sultan123 said:

NCC1701-A said:

sultan123 said:

I will rephrase my question as I don't seem to have been clear.

What is a good wage to live in London with the following lifestyle:
- family of 4
- couple of holidays a year
- car x2 (one on lease, one 2nd hand bought)
- own house

Not looking at central London.

£55k

First 3 lines are the same cost in either location. Food and energy are similar, transport (& commuting time) vary enormously. 

So what is your definition of own home and where 'opp North versus where in London, Neither Wimbledon or Leyton are in central London but their house prices are vastly different.

Own home so 4 bedroom on a mortgage is what I mean.

Use google or rightmove and search for a 4 bedroom house in Leyton and then again in Wimbledon, then see how much you need to service the mortgage you'd need to buy, add in transport/ commuting.

74jax

sultan123 said:

NCC1701-A said:

sultan123 said:

I will rephrase my question as I don't seem to have been clear.

What is a good wage to live in London with the following lifestyle:
- family of 4
- couple of holidays a year
- car x2 (one on lease, one 2nd hand bought)
- own house

Not looking at central London.

£55k

First 3 lines are the same cost in either location. Food and energy are similar, transport (& commuting time) vary enormously. 

So what is your definition of own home and where 'opp North versus where in London, Neither Wimbledon or Leyton are in central London but their house prices are vastly different.

Own home so 4 bedroom on a mortgage is what I mean.

Google mortgage calculator, work out your deposit and see how much you can buy for by entering various salaries. 

Jillanddy

sultan123 said:

I will rephrase my question as I don't seem to have been clear.

What is a good wage to live in London with the following lifestyle:
- family of 4
- couple of holidays a year
- car x2 (one on lease, one 2nd hand bought)
- own house

Not looking at central london.

That really still doesn't mean anything at all. A couple of holidays in Bognor; or in an exclusive resort in the Seychelles? A family of four adult all working, or a single parent with three children under five? Would your family want or need private education or other educational extras? Do you have expectations of designer brands or trainers from down the market? Lamborghini or Dacia Duster on the lease? 2nd hand 14 years old or a year old? Location of said 4 bedroom house - even within yards of each other that can be an enormous difference for many reasons? On the road that I live on in "the North" - admittedly it is a very long road - there are houses that sell for way over £4million down to below £55,000. 

A good salary is what each individual considers it to be and which fulfils their needs. I know people on the minimum wage who are very happy with that - what they want and expect out of life doesn't demand huge expenditure levels and they prefer to prioritise other things over earning higher salaries. Others will never be happy no matter how much they earn. The only person who can answer your question for you, is you.

Grumpy_chap

sultan123 said:

Interesting you say 70k is good salary in London 

£70k is a good salary.  FULL STOP.

According to this data, that puts you well into the upper decile of salaries:
https://www.statista.com/statistics/416102/average-annual-gross-pay-percentiles-united-kingdom/

I have already given one basis for calculating a London uplift, based on the RLW data, it's around 12% (£8k on £70k).  In fact, if the uplift needs to be 12% for low earners, it would be lower percentage for higher earners as the impact of costs have greater significance to the lower earner.  That aligns with another poster's comment that Civil Service London Weighting on around £70k would be around £4k.

You seem to want to ignore any comments that are made, whether they have external basis explained or not and juts fall back to your mantra that "£70k outside London is £90k inside London" and "70k is not enough".  Given the wide number of variables, that may be as valid a number as any other.

Your other threads already state that you have PAYE job £88k plus self-employed earnings exceeding £6k (that you plan to pay to your wife).  So, whatever the rationale behind this whole thread is, it does not seem to be linked to anything like you trying to negotiate with a prospective job offer that requires relocation.  By persisting with this thread, which seems to have no actual question or purpose, all you are doing is demonstrating that you are totally out of touch. 

FWIW, we live in London and comparing to your target, with us both currently on NMW, we meet the objectives you set out and things are rather comfortable:

sultan123 said:

I will rephrase my question as I don't seem to have been clear.

What is a good wage to live in London with the following lifestyle:
- family of 4
- couple of holidays a year
- car x2 (one on lease, one 2nd hand bought)
- own house

Not looking at central london.

Obviously, my wife and I are only 2, not 4.

theoretica

Also - what you spend money on might change - eg public transport might mean you find being a one car household works better for you.  A friend moved out of London and found many things more expensive - though not housing!