Income levels across the South West, which includes East Devon, are not keeping pace with the rest of the UK, a new study has revealed.
Income increases per head of the population rose by 18 per cent in the South West between 2008 and 2017 – below the national average of 21.4 per cent.
Succession Wealth analysed Government data and determined the average income of someone living in the South West is £18,984. In East Devon it is lower than the regional average at £18,159.
However, the region still ranks fourth in the top ten highest wealth areas.
In Wales, the average income is just £15,754. And in Nottingham it is even lower – £12,445.
Kensington and Chelsea has the highest level of income per head of population – £64,868.
Succession Wealth, a national independent wealth management firm, said: “Out of the top 10 richest local authorities, eight of them are in London.”
Mark Stokes, the company’s group communications director, added: “Our research shows there remains a real divide in personal wealth across the UK, with those in London and the South East with the highest levels of income.
“However, it’s important not to overlook the fact that the cost of living in these two regions, such as housing, is significantly higher than in many other areas where income per head is lower.”
What do you think about income levels in East Devon? Is it worth earning less to live in one of the UK’s most attractive and safest districts?