Ray Bolger says house prices set to fall '10% next year
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New research has disclosed the UK areas that have seen the biggest wage increases in 2022, with Melton in Leicestershire coming in first place. The study by UK financial services provider CMC Markets analysed the latest release from the Office for National Statistics, which showed hourly wage data for every local authority in the United Kingdom. Melton’s average hourly pay was £13.33 in 2021, which increased by an impressive 34.96 percent to £17.99 in 2022, despite average house prices typically being £294,559.
Living in a town or city where wages stretch further could vastly improve quality of life and latest figures show residents of Melton were given the biggest pay increase in 2022.
The Essex area of Maldon came in second place – the area had an average hourly wage of £14.67 in 2021, which increased by 31.77 percent to £19.33 in 2022.
The Cotswolds in Gloucestershire took third place. The area currently has an average hourly pay of £17.81, which has increased by 24.89 percent from 2021’s value of £14.26.
Coming in fourth place is the London borough of Sutton. In 2021, the area had an average hourly pay of £16.82, which increased 23.25 percent last year to £20.73
CMC Markets’ chief market analyst Michael Hewson said it shows people don’t have to live in big cities to make big bucks.
He said: “What’s fascinating to see is the huge wage growth in so many areas, and how it isn’t just tied to one area with locations across Britain making their way into the top ten.
“This wage growth is also seen outside of financial hubs and major cities, which may make people question whether the inner city pressure is worth it.”
Such an impressive wage growth outside cities like London and Manchester could be down to more people working remotely or adopting a hybrid working week.
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For anyone who is thinking of moving out of the UK, new research has also showed the top 10 countries to retire to and how far one’s pension will stretch.
The Annual Global Retirement Index considers the quality of healthcare, housing and how far someone’s pension will stretch when choosing its winners.
Portugal topped the 2023 list due to its low crime rate, affordable housing and medical facilities.
Coming in second place is Mexico and third place is Panama.
The top 10 countries to live according to the Global Retirement Index are:
- Portugal
- Mexico
- Panama
- Ecuador
- Costa Rica
- Spain
- Greece
- France
- Italy
- Thailand
- Colombia
Some jobs can now be done from home so it doesn’t matter where people live – remote workers can earn between £7,000 and £110,000 from the sofa.
Data from Bionic showed just playing as someone’s teammate on online video games could net them an extra £7,000 a year.
Creatives can earn up to £25,000 for creating breaking news-style birthday greetings videos.
One UK freelancer managed to make £31,000 a year from creating animated GIFs on Fiverr.
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