Channel 4 employees moving to Leeds could get a detached house for less than a flat in the capital
01 November 2018
Channel 4 employees relocating from London to Leeds could be a dream come true for Kirsty and Phil, with a typical detached family home in the northern city costing £90,000 (20%) less than the average price of a flat in the capital.
The television channel’s announcement that it plans to relocate 200 employees to Leeds from its London headquarters gives employees struggling with higher rents and property prices in the capital the chance to get on to the ladder or move to a larger home to accommodate a growing family.
Analysis of ONS data by Yorkshire Building Society has found that the average London home costs £486,304, compared with £183,651 for the average Leeds home.
A flat in London would typically set you back £426,856, with the same type of property in Leeds costing £132,094. A detached home in London would cost almost £1m (£907,317), while in Leeds, a detached house costs 60% less, on average £330,602 – which is also one-fifth (22%) less than the average London flat.
Analysis of mortgage costs, house prices and wage data in both cities has shown that mortgage repayments on an average London home would cost the homeowner 60% of their monthly salary, while a mortgage a home in Leeds costs 30% of the average monthly Leeds salary, or 22% of the average monthly London salary, leaving a lot more disposable income to spend.
Nitesh Patel, Strategic Economist for Yorkshire Building Society, said:
It’s fantastic to see that Channel 4 has chosen Leeds as its new headquarters. Leeds and its surrounding areas are wonderful, vibrant places to live, with a booming economy, great schools and housing, good access to services and beautiful countryside on the doorstep.
Added to that, anyone wishing to relocate can expect to get a lot more for their money – as our analysis shows, you can buy a detached home in Leeds for significantly less than a London flat. Yorkshire is a great place to live and we are delighted that Channel 4 has chosen to relocate to this wonderful part of the world.
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