Is 70k a good salary in the UK?

Key takeaways

• Earning £70,000 puts you comfortably in the top 5-10% of UK earners.
• Roughly 3 million people earn over £70,000 in the UK.
• £70,000 is roughly £3,700 to £4,000 per month in take home pay.
• If you earn £70,000, you earn £35,000 more than the average UK employee.

Table of contents:

• Is 70k a good salary?
• Breaking down 70k after tax
• How much rent could I afford on 70k?
• What mortgage could I get on 70k?
• What jobs pay 70k or more?
• Frequently asked questions

Is 70k a good salary in the UK?

70k is a top salary in the UK, putting you in the top 5-10% of earners across the country. With £70,000 you can live comfortable life across the country, even as a single earner. Though, keep in mind, if you live in London (where the average salary is around £40,000) costs might be a little tighter.

Up North or in the Midlands, £70,000 will go very far thanks to the lower cost of living, and the lower property costs.

The average salary in the UK sits at roughly £35,000 as of 2023 (although with the eye-watering inflation in 2023 it’s likely to be rise when the figures for 2024 come out). But as of now, if you’re earning £70,000 you’re earning a chunky £35,000 more than the typical UK employee.

Here’s a visual breakdown of where £70,000 sits in relation to other salaries: 

While £70,000 puts you in the top 5-10% of earners in the UK, you'd need to be earning around £87,000+ to be within the top 5% - which we've coloured in green.

Meanwhile to crack the top 1 percent requires a salary of over £181,000.

Breaking down 70k after tax

Calculating how much £70,000 comes to after tax can vary based on individual circumstances. You’ll need to factor in the following: 

1. Income tax.
2. National Insurance contributions
3. Pension contributions.
4. Student loans.
5. Other deductions.

In the table below you can see the a rough estimate of what £70,000 might look like after tax, using an online salary calculator tool. As you can see, your monthly take home pay is around £3,712.

For the purposes of this article, we've assumed that you do have a student loan, and that your student loan is post-2012.

How much rent could I afford on £70,000?

With a £70,000 salary you’d be able to afford a two bedroom flat in all UK cities - including London. Depending on the region, you could afford more or less.

Take a look at the table below, which shows the average rents across regions of UK to get an idea of what you can afford. It’s safe to assume rents outside of cities will be cheaper.

Based on this, and considering that you'd have take home pay of roughly £3,700, you could afford to rent a 2 bedroom place anywhere in the country, although in London you'd be spending a high proportion of your income on rent (upper quartile properties are £1,857 a month, which would leave you with £1,843 for other expenses), and you may want to consider are less expensive property.

An arguably outdated rule of thumb suggests that you spend no more than around 30-40% of your income on rent.

Similarly, anything beyond a 2 bedroom flat in London would become a stretch on £70,000. This cost would of course be softened if you live with a partner or housemate, as you could combine incomes and save on expenses if you live together.

What mortgage can I get for £70,000? 

While some lenders will offer more than others, as a rule of thumb, most applicants can borrow up to 4 or 4.5 times their annual income based on mortgage affordability rules.

So, if you're on £70,000 that means you can borrow somewhere in the region of £280,000 to £315,000.

Plugging £315,000 into a mortgage calculator, and assuming a 4.5% interest rate at 30 years, that's around £1,596 a month in mortgage payments.

To get a more detailed breakdown it’s worth visiting mortgage providers directly and entering your specific information, including your deposit, into their mortgage calculators to see what you can afford on £70,000.

What jobs pay £70,000 or more? 

Lots of jobs pay more than £70,000 in the UK. As mentioned at the top of the article, over 3 million people in the country earn more than this, so there are plenty of jobs out there!

Here is a somewhat random list of jobs which pay in the region of £70,000, to give you some ideas:

• Software Engineer/Developer: £50,000 - £100,000+
• Doctor/Surgeon: £60,000 - £150,000+ (surgeons/consultants)
• Lawyer/Solicitor: £50,000 - £120,000+
• Pilot: £70,000 - £150,000+
• Financial Analyst/Managers: £60,000 - £120,000+
• Engineering Manager: £60,000 - £120,000+
• IT Manager: £50,000 - £100,000+
• Marketing Manager/Director: Managers: £45,000 - £90,000; Directors: £70,000 - £120,000+
• Dentist: £70,000 - £120,000+

This is by no means an extensive list, there is basically no industry which will not pay you £70,000 if you don't accumulate the right experience and competencies.

Frequently asked questions

• Is £70,000 considered middle class?
  • Since a £70,000 salary is comfortably above the national average, and provides a comfortable standard of living in many areas, many would consider it to be a 'middle class salary'. Though it's worth remembering, the definition of middle class in the UK also includes things like education, occupation, and lifestyle, not just income. It's also probably not a high enough salary for anyone to consider it 'upper class'
• Is £70,000 enough to live on in London?
  • £70,000 can cover basic living expenses in London, but it might require careful budgeting due to the city's high cost of living, especially regarding housing and transport.
• What percentage of people earn more than £70,000 in the UK?
  • As you can see in the chart above, 5-10% of people earn more than £70,000 a year in the UK - though it is hard to put an exact figure on it, as this data changes regularly.