Monday, July 22, 2024

Liverpool rated best place to live and work in the UK

  • The City Liveability Index1 reveals the best locations to live and work based on quality-of-life factors including value for money, work opportunities and emotional connection
  • Liverpool tops the Index this year, with high scores for manageable cost of living, pace of life, happiness of citizens and pride in the city
  • However, cost of living is helping to fuel a potential rise in “internal migration” within the UK as 35% are considering a move to a different city to reduce expenses
  • As economic uncertainty continues, 16% of under-35s have a Lifetime ISA account set up to help them save for a property

Liverpool has been rated the best place to live and work in the UK.

This is according to the latest City Liveability Index from financial services provider OneFamily. Research revealed that Liverpudlians are most likely to be positive about their hometown across a range of social and economic factors.

Liverpool scored well on pace of life, career prospects, opportunities and cost of living – which may account for its rise up the table from 4th in the 2021 Index. The overall level of satisfaction among residents was high with three-quarters (75%) happy they are living in the city.

As well as topping this year’s City Liveability Index, Liverpool was also recently selected to host the Eurovision song contest in 2023, bringing in extra tourism – and cause for celebration – to the city.

Edinburgh came a close second behind Liverpool. The Scottish capital was commended for its good pace of life and easy commute. Plymouth rounded out the top three, receiving high rankings for level of civic pride and value for money as citizens indicated the benefits of living there outweigh the costs. See table 1 below for the top 10.

In fact, money is on the mind of most people across the UK – three-quarters (73%) of adults are currently unsatisfied with the cost of living in their local area, up from 44% in Aug 2021. Meanwhile, more than half (52%) of women are unsatisfied with their income and 37% with the job and career opportunities in their city.

As a result, over the next few years, the UK could see a rise in “internal migration”, as 35% say they are likely to move to a different part of the country at some point in the future. The cost-of-living crisis is a driving factor in this decision – 26% of UK adults say they are worried that they will need to relocate to help manage their expenses, which rises to 37% in London.

Brits are most likely to consider moving to York (7%), Brighton (6%) or London (6%) – but the capital is something of a ‘Marmite’ location, ranking high in the lists of both the most and least desirable places to relocate to.

Meanwhile, 35% of Brits are concerned about property prices in their local area – whether they’re planning to move or not. But one positive factor is that two-thirds (65%) of UK adults know about the help available via Lifetime ISA savings accounts, that pay a government bonus of up to £1,000 each year which can help to boost savings to put towards a deposit. Yet only 16% of under-35s already have one set up – but 63% of under-35s who don’t have a Lifetime ISA would be interested in getting one.

Matthew Ellis, Marketing Director at OneFamily, comments on the findings: “The growing cost-of-living crisis is hitting Brits’ pockets this year and changing spending behaviours and habits. Naturally, some cities are more expensive than others, so this has been a major factor in influencing where people want to live and what town or city makes for the best place to call home.

“Add this to the state of flux many find themselves in with hybrid working and things that might not have been as important this time last year – like childcare or commuting costs – could now be crucial in deciding where to live. Our data shows that residents of Liverpool, Edinburgh and Plymouth feel that their cities offer a mix of a more manageable cost of living and a pleasant pace of life.

“For most Brits, saving for a deposit is the first big step once you know what you want from a hometown. Lifetime ISAs can be a great help in accumulating the biggest possible deposit, with a 25% Government bonus of up to £1,000 on top of savings each year meaning you can end up living in your dream location that much quicker.”

Liverpool rated best place to live and work in the UK

Table 1: City Liveability Index 2022 – top 10


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