Maximise your Money
The West Midlands has a huge benefit over London, one that has seen professionals migrating to us over the last few years.
Between average salary levels and cost of living, people living in Birmingham are 40% better off than in the South East. Your money goes a lot further in the West Midlands when compared to the South East and many other parts of the UK. Or to put it another way, the price of an average home here is 60% cheaper than in London, and rents are far less too (up to 50% lower in many cases). Overall, the region offers you much better value for money when compared to the UK’s average.
A strong and growing economy
Ever since the 18th century – when the West Midlands was first globally acknowledged as the ‘workshop of the world’ – enterprising, talented and hard-working people have always earned a very good living in the region and today is no different.
The West Midlands’ booming £117bn economy, highly skilled talent pool and lower operating and living costs than the capital and other international cities have made the region one of the UK’s most compelling locations to do business.
Combined with unprecedented levels of investment into the region’s infrastructure (including transformational schemes such as HS2) means we really are on a roll when it comes to creating and maximising new commercial opportunities.
So, whether starting a business, making an investment, or taking advantage of the superb employment opportunities our region has to offer, we offer a mix of ingredients which allows everyone the chance to earn a fantastic salary, achieve an outstanding qualification and generate a great return on their investment.
Earn a great salary (which goes a lot further)
Great jobs and accelerated career development are generated by consistently strong-performing economies. That’s why we are incredibly proud of our track record of uninterrupted (pre-pandemic) growth over the last decade. In the five years to the end of 2019, the West Midlands region boasted the largest five-year GVA growth rate of any UK region, ahead of London and the South East.
This adds up to one of the largest regional economies in the UK, which in turn supports 200,000 businesses. Even then we have a workforce of 2.9 million people, all economic indicators suggest many of our businesses are going to need much more staff.
Further, in terms of salary levels, the West Midlands is on par with the UK average (excluding London), which means you won’t be losing out financially if you chose to work here. Even then, earning a great living is also not just about what’s printed on your payslip – it’s intrinsically linked to what it costs you to pursue the life you want to live.
That’s why people in the West Midlands are, in real terms, far better off than many others in the UK, as the ratio between their earnings and their cost of living means their money goes much further.
In fact, residents of Birmingham, Coventry and Wolverhampton enjoy a cost-of-living ratio which is not only far superior to that of London, but one which is much better than the UK’s overall average.
Afford the home you want for your family
More affordable housing means that your salary can go a lot further to getting you the home that you want. Birmingham, Coventry and Wolverhampton all have impressive affordability ratios, and some amazing houses in some fantastic locations.
The average house price in Birmingham is £236,000, with an affordability ratio of 8.1 (based on the average resident’s salary compared to the average house price.) This means that in Birmingham, houses are prices considerably lower than the national average, and at a third of the price of those in London.
Coventry’s average house piece is £247,000, with an affordability ratio of 8.0. Wolverhampton houses are even cheaper, with the average price of £238,000, with an affordability of 8.6.
In comparison, London has an affordability ratio of 18.8, with an average house price of £704,000.
It means that in the West Midlands, even if the average salary is below London’s inflated pay checks, the real-world value of that money goes much further. You and your family could afford a bigger, better home, for less.
