Revealed: Top ten UK counties with the highest disposable income 

Regulated property buyers, Good Move looked at gross disposable household income across UK counties to determine the amount of money individuals have available for spending or saving. Having analysed the data, Good Move can reveal that the top 10 counties with the highest disposable income, are (please note, the figures showcase the combined disposable income of every resident in the area, in millions of pounds):

  1. Greater Manchester (£49,250)
  2. Essex (£40,990)
  3. Kent (£39986)
  4. West Yorkshire (£39643)
  5. Hertfordshire (£32,063)
  6. Merseyside (£27,042)
  7. Lancashire (£26,400)
  8. South Yorkshire (£23,206)
  9. Cheshire (£21,020)
  10. North Yorkshire (£178,88)

Greater Manchester takes the top spot with an average household disposable income of £49,250. The next counties with the highest figures are Essex, Kent and West Yorkshire.

In light of the study findings and considering your disposable household income, if you’re looking to up your savings to save for a property, Nima Ghasri, Director at Good Move, offers his tips below:

  1. Open a savings account and save, and then save more

Sounds cliché, but the more money you have saved, the better, therefore, opening a savings account will help you reach your end goal. You need to establish how much money you can put towards the cost of a new home. Usually, the bigger your deposit, the better the mortgage rate you’ll be offered. Plus, your monthly repayments will be lower. I advise saving a minimum of 10-15% of the cost of the property to obtain a mortgage. But a deposit of 25% will allow you to get a better deal.

  1. Speak with a financial adviser

It has never been more important to protect your finances. Therefore, if you’re looking to purchase a home during this time, I suggest you speak with a financial advisor. Using a financial advisor and their expertise will ensure you get the best possible mortgage for your circumstances at the best possible rate. If it’s your first time buying a home, they’ll also help you to navigate the market and explore different options.

  1. Help to buy and other schemes

Government schemes including help to buy help you purchase a new-build home. You generally need a deposit of only 5% and then the government or developer will lend you the rest– up to a further 20%. Taking the loan means you borrow less on the mortgage from a private lender, which means you can choose from a wider range of mortgage rates because your loan-to-value ratio is lower.

Considering the research, Good Move also looked at other important factors across the UK including crime rates, as well as population numbers, green space, house prices, Ofsted ratings, and life expectancy to help home buyers determine the best and worst places to live based on their preferences. Having analysed the data, Good Move reimagined the UK map, visualising how the areas would expand on the UK map if we considered these factors. The bigger the area, the higher the factor.

To look at Good Move’s interactive map, please visit: https://goodmove.co.uk/the-uk-reimagined/

About Lisa Baker, Editor 2424 Articles
Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.

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