Living in London means finding a job here too.
It’s common to want to gain a better understanding of what the living costs are including the safe places in London for you to live.
While all of this is important, you are also going to have to think about your livelihood.
This includes the average salary in London for your profession. Whether you are a physician, banker, or tradesperson, it’s essential to have this information on hand while figuring out how much to ask for when applying for a job.
We have compiled the latest information to pinpoint what the average salary in London is.
Average Salary In London
A study was done by a government agency to gain a comprehensive look at the salaries in London.
The number they came up with was an average salary of £41,000.
It’s important to note this didn’t account for different roles. It just looked at everyone’s salary and then averaged it out. In general, a person who is earning an average amount of money in London is going to be earning £41,000.
Factors Impacting London Salary
Type Of Job
It’s important to dig deeper to get a better look at what your average salary in London is.
This is going to start with the type of job a person is doing. For example, a person who is working in a bank is going to be earning more than someone in a retail position. This is seen across the board in London.
Another element to account for would be the type of job within a specific industry. A good comparison would be a junior IT analyst vs a Director of IT.
This is an essential factor as it can also help determine how much a person is earning in their position.
A person’s education is going to end up impacting their salary.
For example, a person who has a doctorate tends to earn more with an average of over £89,000. While a person with a master’s degree is going to be earning over £70,000
You can add even more to this as a person begins to gain additional certifications to enhance their abilities as a professional within their field.
Most job markets are going to be localized when it comes to salaries because of the local living costs within that city.
In this case, London is an expensive place to live in.
This means the salaries need to match this requirement or a person will not want to do the job. As a result, the average salary in London is going to be higher than in other parts of the UK.
Most families are going to need a household income of around £70,000-£80,000 to manage their expenses depending on where they are living in London.
Work Location In London
A lot of employees don’t realize this but where they work is also going to dictate the average salary for their title.
For example, a person working in Zone 1 (Downtown London) is going to be earning more on average than someone in Zone 6 (outer London).
This is due to the demands of that zone.
It is essential to keep this in mind as living in those zones will also be different in terms of living costs.
The housing in Zone 1 tends to be far more expensive. This is due to the general location and how everything is set up. This is prime real estate and that is something you are going to have to account for when finding a job.
A person in Zone 6 might be happier with a reduced salary compared to someone in Zone 1-2.
Our studies show a person who is living in Zone 1 is going to want a salary of at least £60,000. While a person who is living in Zone 6 might be fine with £50,000.
Average Salaries In London (Industry)
Let’s dig deeper into this subject.
It’s important to get a better read of the job market in London by seeing what the average salary is by industry.
- Finance – £52,000
- IT – £50,000
- Hospitality – £20,000
- Healthcare – £35,000
As you begin to compare some of these industries, you are also going to see the salaries increase with experience. This is natural in most industries.
For example, a person in IT is going to start as a junior analyst or developer earning around £45,000 and then can continue to grow in their position to a higher ranking earning £89,000.
We can continue analyzing this and gain a better understanding of other industries in London too.
If we take a look at a retail position in London, the average salary is going to be approximately £27,000 and then a person can become a manager earning £50,000.
When we are talking about jobs in London, it’s always important to also look at the top of the food chain. This means the jobs that are earning the most in London. There are specific job titles that are in demand and tend to earn far more than the others.
Based on our research, it is common for these roles to include fund managers and financial analysts. This means those in the Financial sector tend to do well.
The average salary for a fund manager is going to be £95,000.
If we look at a lawyer, they are going to be earning around £85,000 and a surgeon is going to be earning on average £76,000.
This is the salary average in London.
London is home to high-paying jobs within various sectors. It’s important to be aware of these averages when negotiating your salary.
This will ensure you remain within a set range.
Amanda Harper is a travel enthusiast with 10+ years of traveling experience across the planet. Her passion for writing and travel makes her a walking bibliography on modern-day tourism.