After graduating from university, priorities in life tend to shift. Studying and living near the university is no longer important, but different factors such as securing a new job are.
New research by the UK price comparison website Compare the Market shows the best cities tailored to the needs that graduates have. Various factors deemed important to graduates according to the study include job adverts, salaries, rent prices, basic utilities, and the cost of outdoor meals.
The best and most expensive cities for graduates were determined by ranking 14 factors between 0.00 and 2.00 against all UK cities. Those with the high scores were seen as the most important whereas those with low scores were considered low priority.
The total score was then converted into a percentage of overall graduate suitability and satisfaction. The city with the highest percentage was titled the best city for graduates.
What graduates value when moving
Chris King, head of home insurance at comparethemarket.com, comments: “No matter where you choose to set up home after graduation, there are a lot of important factors to consider. If you find yourself in a position to purchase after university, it is important to get both your home and your contents insured, and if you’re renting, it is sensible to consider contents insurance too.”
According to the study, job opportunities and average salary were the number one priority among graduates. The Midlands may be of interest to graduates hoping to secure a job with a good salary as average monthly wages total around £1,663.31 in Birmingham, £1,793.43 in Leicester, and £2,240.00 in Coventry.
In Leicester, there are around 368 advertisements showcasing employment opportunities currently on offer in Coventry there are 588 and in Birmingham, there are close to 1,000 (942).
The study revealed that rent and property were the second most important factor for graduates when moving. Bradford came out on top in this category with the average rent price for a one-bedroom apartment costing £460.62 per month, and an additional £121.43 for basic utilities.
In contrast, the rent of a one-bedroom apartment in Westminster was £1,968.57. This is the highest out of all cities in the UK, making it perhaps not well suited to recent graduates trying to establish themselves. Despite having a high monthly salary of £2,547.22 and 6,566 job opportunities Westminister has the highest priced rent.
Bradford was the number one city for graduates. Carlisle, Preston, Coventry, and Newcastle also were part of the top five cities.
The table of results showing the top ten cities for graduate satisfaction can be found below.
Rank | City | Graduate Satisfaction Score |
1 | Bradford | 59.7% |
2 | Carlisle | 57.6% |
3 | Preston | 56.5% |
4 | Coventry | 55.8% |
5 | Newcastle | 55.2% |
6 | Belfast | 54.7% |
7 | Stoke-On-Trent | 54.0% |
8 | Birmingham | 53.8% |
9 | Leicester | 53.7% |
10 | Dundee | 53.6% |
The most expensive cities for graduates
Monthly transport, basic utilities including electricity, heating and water, the population of 18-30-year-olds, gym fees, and an inexpensive meal, and then the cost of a beer and cappuccino were other factors that were measured in the study.
Some of the most expensive cities for graduates were also uncovered by the price comparison website. The extortionate cost of rent, utilities, transport, and gym memberships in all three cities led to the low rankings in Westminster (32.0%), Bath (35.3%), and Brighton (37.5%).
There is a lot to consider after leaving university, however studies such as this conducted by Compare the Market help make the process easier for recent graduates. It also helps investors understand what their target demographic could want when they look for a property.
You can view the full study from Compare the Market, complete with tables and an infographic, here.
