We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Evolution Money
Customer Enquiries 0161 814 9158
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Home > How does current cost of living stack up in the UK?

How does current cost of living stack up in the UK?

13th February 2017 | Published by Henry

This week, the Bank of England made its annual growth forecast for the year ahead, stating that we can expect 2% economic growth over the course of 2017 – a figure that’s bang in line with the government’s inflation target.

While that’s all well and good, what does it actually mean for our standard cost of living, and what has been happening with market prices over the past 12 months?

The key thing to weigh this rise inflation against is the change in average living wage over the same time period.  Now, the average wage is just over £28,000, up from £27,600 in 2015, which indicates an increase of approximately 1.5%.


This would lead us to believe that people are 0.5% worse off now than they were one year ago, however it really depends what household factors affect each individual household. Let’s take a look at some key areas of the consumer market to see how specific prices are faring in general.


According to the Land Registry, the average UK house price at the end of November 2016 was £217,928 – which shows an increase of approximately 7% in just under a year.  The average monthly rent is up too, from £819 to £839 over the same period of time.

Experts say that the housing market has already started to indicate signs of recovery after an initial period of uncertainty and weakness following the vote for Brexit.


The cheapest gas and electricity price rate in January 2016 was £765, according to MoneySavingExpert.com. However, the cheapest price in January 2017 was up by around £70, jumping to £834 overall.

This rise has largely come over the past three months, although it was on the horizon for some months prior to this. Raw energy is generally priced in US currency, which makes the pound’s collapse against the dollar particularly significant for large energy providers, and which explains why we’re seeing such a hike in price over a rather brief period of time.


Perhaps a little surprisingly, food prices were in fact down by 1.7% over the previous year, which means the average family is saving about £2.50 on their weekly shop. It may not seem like much, but for a product applicable to us… every little helps, right?

source: http://www.retailtimes.co.uk/brexit-not-impacted-shop-prices-yet-latest-brc-nielsen-index-shows/

Category: Homepage, Money
This post was written by Henry
Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 90 out of 100, based on 112 reviews over the past year. 112 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoThe Finance & Leasing Association is the leading trade body for the motor finance, asset finance and consumer credit industries in the UK.


Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Pin us on Pinterest
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2018 Evolution Money | Privacy Policy | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions
Apply Online
I want to borrow £

You will receive a call today to continue with your application.
Thank you for taking the time to fill in our online enquiry form. Unfortunately in this instance we won't be able to help as being a homeowner is one of our primary requirements.
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution