Leeds named among the most expensive places in the UK to retire according to new study
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Money experts at Sambla have looked at the cost of living before rent in the 100 most populated towns and cities in the UK to find out the most expensive and affordable places for Brits to retire - and Leeds takes the “crown” as the most expensive spot outside of London.
As of November 2023, state pension in the UK is £203.85 per week, which can be claimed by people aged 66 or over. However, everyone born after April 5, 1960 will see a phased increase of the retirement age to 67, then to 68, with the state pension at around £10,600 per year.
Comparing the state pension with the cost of living, and the average UK life expectancy of 81 years, Leeds turns out to be a very expensive place to retire.
Placing at number two, Leeds is the most expensive place to retire outside of London, with the current cost of living before rent totalling at £843 per person per month.
This means those looking to retire in Leeds would accumulate an average retirement pot of £151,740 between the age of 66 and 81, or £343,944 if they lived to 100 - only 23 percent cheaper than in London at £187,020.
Just behind Leeds, at number three, is City of Westminster at £150,300, followed by Maidstone at £149,760 and Birmingham at £146,880.
Those looking for a cheaper place to retire would not have to travel too far, as the three most affordable places to retire are just a few hours away. With a retirement fund of only £101,718, St Helens takes the top spot, followed by Rochdale at £104,922 and Preston at £105,156.
Also among the 20 most affordable places are Hull at number six, Rotherham at number seven, Doncaster at number 14 and Bradford at number 20. So for those wishing to remain in Yorkshire, there are still numerous options.