Edinburgh named as top place to make a living and retire

Edinburgh has been named as one of the best places in the UK for people to earn a living.

Monday, 16th April 2018, 8:13 am
Updated Monday, 16th April 2018, 8:29 am

The city’s rich history and vibrant lifestyle has seen it named fourth best in the UK – behind Crawley, Derby and Southampton.

Research conducted by Totally
Money considers the average wage, mortgage, cost of living, unemployment levels and job growth across 59 locations.

The Capital’s cost of living is in line with the salaries paid, and the job market is seen as healthy. Councillor Kate Campbell, housing and economy convener, said: “This is yet more evidence that Edinburgh’s economy is going from strength to strength.

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The Capital has been voted as one of the best places to live and retire.

“Facts demonstrating how wonderful our city is are plentiful. Our own statistics in Edinburgh by Numbers show that Edinburgh is a vibrant capital city with a diverse economy, an increasing population and strong investment potential.

“There is also a real buzz in Edinburgh’s start up and tech sectors, and just last year Nestpick ranked Edinburgh as the best place to work for a start-up business. The city has shown great resilience during tough economic times and lots of people are benefitting from this success, but we need to make sure that this prosperity reaches into all of our communities. Our priority is making sure that this translates into fairer wages, access to housing, education and good quality job opportunities for everyone.”

Edinburgh is tenth in the cost of living with residents having an average monthly mortgage repayment of £1,236 and median take-home salary of £579. It’s employment rate is 76 per cent.

TotallyMoney also mentions the iconic attractions and events staged in the city including Edinburgh Fringe Festival.

The Capital has been voted as one of the best places to live and retire.

While London takes the top spot for take-home salary, more expensive house prices and a higher cost of living means it only ranks 39th among the locations overall.

Meanwhile Glasgow comes in as the 18th best place to make a living. Residents have a median monthly salary of £526 with the average mortgage being £829 – £409 lower than Edinburgh.

Glasgow’s cost of living features seventh in the UK with an employment rate of 70 per cent.

Dundee and Aberdeen are the other locations north of the border to make the cut featuring at 25th and 44th respectively.

John Donnelly, chief executive of Marketing Edinburgh, said: “It’s so gratifying to know that Edinburgh is being nationally recognised not just as a first-class tourism destination, but as a city where its own residents are able to reap the benefits of the city’s cultural and economic offerings.

“With cost of living, job markets and employment all considered in the ranking, to be placed so highly really confirms how Edinburgh is such a well-rounded city for residents and visitors.

“Hopefully this encourage more people and businesses to consider our capital as the ideal destination to work, study, invest and live and Edinburgh can continue to soar.”

It is the latest in a number of high profile accolades the Capital has earned since the turn of the year. The city has been named the second best rated destination in the UK and 20th Europe in the tenth annual Travellers’ Choice awards for Destinations.

Research from MoveHub showed Edinburgh to be the most attractive city in the world for “broke millennials” who want to start a new life.

In addition the Royal Edinburgh Military Tattoo has been rated Best Special Event in the UK for the third consecutive year, while the Macdonald Holyrood Hotel was rated Best Overall Hotel Accommodation in the UK.

The top 10 places to earn a living are: 1. Crawley; 2. Derby; 3. Southampton; 4. Edinburgh; 5. Gloucester; 6. Milton Keynes; 7. Reading; 8. Swindon; 9. Oxford; 10. Slough.

Edinburgh is one of the top 10 UK locations for people to retire, a study has found.

The goal of finding the best retirement spot is an important one in the UK, where approximately 25 per cent of the population is over 55 years of age, according to the Office for National Statistics.

The ‘Market Inspector’ study looked at safety, social life, cost of living, and environment to determine which UK cities are the best destinations to retire to.

Edinburgh ranked 10th in the list with 25.5 per cent of the Capital’s population being over 55. The city scored highly in favour due to the variety of cultural offerings available such as The Fringe and Edinburgh Tattoo – totalling 672 offerings – only bettered by London.

Crime levels are also low in Edinburgh with just 101 per 1,000 inhabitants.

On the other hand, Edinburgh was among the most expensive for monthly rent with only London, Oxford and Bristol costing more.

Meanwhile Glasgow ranked 27th, also scoring highly in cultural offerings with 340 for all citizens – 24.5 per cent of those being over the age of 55.