Great Britain may be seen as the land of hope and glory for many, but moving your family to the UK is often neither cheap nor straightforward – particularly if you wish to gain British citizenship too.
In this article, we’re going to share with you the top 10 financial considerations that you need to know about before thinking about moving your family to the United Kingdom. Take a look…
Since Great Britain left the European Union in 2020, those wishing to relocate to the UK need to fulfill a certain set of criteria as well as applying for a visa. If successful, a visa will cost between £95 and £3,250 depending on the type of visa and the length of stay.
2. Transport and shipping
When moving to the UK, you will most likely want to bring a large number of your possessions with you. This means that, as well as paying for transport, i.e. plane tickets, for yourself and your family, you will also need to pay for your goods, such as furniture and other items to be shipped. This can work out to be fairly expensive depending on how much you are bringing.
3. Rent or mortgage
London is the fourth most expensive city in the world in terms of renting property, and other parts of the UK also have eye-watering property prices. If moving to the UK, you may want to consider relocating to areas such as the Midlands or the North West of England where property prices are considerably cheaper.
4. Cost of living
When moving to the UK, many overseas residents are often shocked by the price of everyday items such as food, toiletries, and socialising. For this reason, it’s a good idea to properly research prices before making the move particularly as, like many countries in the world, the UK is currently experiencing a cost of living crisis.
The United Kingdom offers free comprehensive education for children and young people. However, if you’re looking to educate your children privately, school fees will generally cost between £4,500 and £6,250 per term, depending on which part of the country you are living in.
The UK is, of course, famed for its free healthcare via the National Health Service, however, this does not mean that all aspects of healthcare are without cost. Patients in the UK will generally have to pay for medication prescriptions at around £9.35, as well as any glasses and dental work, so this will need to be factored into your family’s budgeting.
Most towns and cities in the UK boast and efficient and inexpensive bus service to help people get around. However, in cities such as London, public transport such as the London Underground can be a little more expensive. For example, a person traveling into Central London five days a week for work will usually buy a monthly travelcard at a cost of £270.
Additionally, if you are moving to a more rural part of the UK, public transport may be scarce, so you may need to buy and run a car in order to get out and about.
If you’re going to be working in the UK and have young children, you may need to pay for childcare. There are a few options for childcare in Great Britain including daycare centres which cost around £62.13 a week, or a private nanny which will set you back between £15 and £20 per hour.
Whether you’re buying or renting a property in the UK, you will be responsible for paying for household utilities which include:
- Council tax payments
- Energy (electricity and gas) payments
- Water rates
- Landline telephone
- Wifi / Broadband
It’s estimated that the average household in the UK will spend around £588 per week on living expenses including rent, bills and transport.
Depending on which part of the country you live in, prices can be fairly steep. For example, eating out for a family of four in London will cost on average of between £75 and £100. If eating out, it is worth shopping around for deals and vouchers which can make this a little more affordable.
The United Kingdom can be a great place to raise a family, and offers some fantastic opportunities for employment, education and culture. While this is true, it is also a fairly expensive place to live – particularly if you have children or you’re in the habit of eating out or taking part in other leisure activities on a regular basis, for example, visiting a gym.
Because of this, it’s extremely important that you give careful consideration to all of the costs that will be involved in making the move, as well as doing proper research to figure out how much you can expect to earn in the UK. As with property and the cost of living, earnings vary quite widely depending on which part of the UK that you live in. So, all of this should be taken into account before applying for your visa – the cost of which is non-refundable.