London: Arnav and Sayani, a tech-savvy couple from Bengaluru, embraced a new life in London in August 2024, lured by the city’s vibrant job market and clearer paths to residency. While they faced adjustments, such as higher living costs and reduced living space, they found the experience rewarding. With good salaries and better career prospects, they maintain a lifestyle similar to their life in Bengaluru, enjoying the perks of life in a cosmopolitan city.
The Move to London: Choices and Challenges
In a bold move, Arnav and Sayani decided to leave their comfortable life in Bengaluru for exciting opportunities in London. “We had travelled extensively across Europe and always felt that we should experience the quality of life, infrastructure, and facilities more deeply by living here. Vacations only give you a glimpse,” Arnav reflected. Their choice was influenced by various factors, including access to tech jobs, relatively higher but manageable salaries, and the simplicity of not having to learn a new language. Yet, they quickly learned that living in one of the world’s most expensive cities comes with significant financial and lifestyle adjustments.
Breaking Down the Cost of Living
Upon settling in London, the couple quickly faced the reality of high rents. “We now live in a 600 square feet one-bedroom apartment, compared to the 1,600 sq. ft three-bedroom we had in Bengaluru,” Arnav explained. Coupled with exorbitant housing costs, it’s estimated that about 25% of their combined income goes to rent and utilities.
However, Arnav remains optimistic, stating, “The rent pinches but doesn’t feel like a downgrade.” He appreciates the innovative use of space in London’s modern apartments and finds joy in exploring the city’s outdoor activities. Their previous life in Indiranagar, a trendy neighborhood in Bengaluru, provided luxury and convenience, but life in London offers its own attractions—like weekend trips to nearby countries. “Long weekends to Italy, Spain, or even just a short train ride to Paris makes living in London an incredible opportunity,” he said.
Career Opportunities & Financial Gains
Both Arnav and Sayani secured jobs in tech firms, with Arnav moving on a UK Global Talent Visa, a pathway for skilled professionals. He emphasized the ease of job hunting thanks to their experience with global tech companies, making their transition smoother than they had anticipated. “Finding jobs wasn’t difficult for both of us,” he confirmed, outlining a landscape of abundant job opportunities in tech and finance sectors.
While cost of living in London is higher, the financial return appears worthwhile. Arnav noted, “Average Indian salaries are still less than half of what you’d make in the UK.” This disparity is coupled with higher taxes—Arnav and Sayani pay around 35% and 30%, respectively—but he feels the benefits justify the costs. With access to free healthcare and contributions to a national pension, they find some comfort amidst the taxes.
Investment Strategies for the Future
Their financial strategy includes saving around 40% of their combined household income, with plans to purchase a home in London. “We are largely conservative investors but have diversified globally,” Arnav explained, detailing an investment portfolio that includes a mix of Indian and global assets. With a significant portion of their investments yielding good returns—16% annually in India and 24% globally—they foresee the financial flexibility to secure a home.
In London, property prices vary widely: a modest house outside the city can cost about £300,000, while those in prime areas start at £600,000. With mortgage rates hovering around 3-4%, Arnav believes it makes financial sense to invest in property rather than continue renting. “The monthly payments on a 25-30 year mortgage work out to nearly the same as rent,” he said, further assessing the benefits of homeownership in their new city.
The Final Thought: Life in London
While adjusting to life in London has its challenges, the couple appears committed to their new adventure. “For now, we plan to settle here in the UK,” Arnav affirmed. Sayani, interested in a dual lifestyle, jokingly suggested splitting their time between London in summer and Bengaluru in winter. “So far, living in London has felt like an extended vacation, like the ones we took from India,” he reflected.
Ultimately, their story emphasizes that while moving to a new country involves significant changes—both financially and personally—the reward of experiencing a new culture and enhanced career opportunities often outweigh the initial hurdles.
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Original source: www.livemint.com
