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The parts of the UK where incomes have increased the most – is your area on the list? | Personal Finance | Finance

calico 01/03/2024

Income growth across the UK has varied widely over the past 10 years with the highest area seeing household pay increase by over 80 percent while the lowest region has had just over 15 percent growth. Hackney and Newham had the largest growth in gross domestic household income (GDHI), with incomes increasing 80.1 percent, thanks to the expansion of the technology and financial services in east London.

Nearby Tower Hamlets, home to Canary Wharf, has also enjoyed high incomen growth, with incomes up 74 percent compared to a decade ago.

The strong growth of Hackney and Newham (80.1 percent), along with Tower Hamlets, is closely related to how these historically lower income areas have benefitted from the expansion of London’s technology and financial services sectors.

At the other end of the charts, Aberdeen had the lowest increase in GDHI, with pay increasing just 15.8 percent in the past 10 years.

Accountancy group Hacker Young Group put together the figures based on ONS statistics.

Partner Martin Jones, Partner at UHY Hacker Young, said: “There’s been a huge increase in the levels of income in some up-and-coming areas in London. Areas that were seen as lower-income and unfashionable 10 to 20 years ago have become hotspots for growing wealth.

“The growth in household incomes seen across Hackney, Newham, and Tower Hamlets is likely to be closely linked to the number of young professionals now living there.

“Many of these people will be working in the technology and finance sectors in the City and its fringes – areas like Old Street and Shoreditch that are only short commutes away.”