South West England has been revealed as the happiest region to live in Britain says research from Lloyds Bank and YouGov.
Latest survey from Lloyds Bank commissioned by YouGov reveals the South West of England is the happiest region in Britain to live with a score of 51 out of 100 on the Happiness Index.
The survey asked how happy or unhappy Brits were in their local community to create the index ranging between -100 (very unhappy) to +100 (very happy) where the average was 43 out of 100.
Factors contributing to a person's happiest levels were convenient amenities, good transport links, living close to friends and family, cleanliness, safety and a good community spirit.
If you are a home mover
looking to improve the quality of your life you should consider towns in South West of England.
People who own their homes outright reported higher levels of happiness with a score of 54 compared to a mortgaged home scoring 48 and renting on 24, giving first time buyers
an incentive to get on the property ladder.
London with a low level of happiness
The areas where people were the least happy were in Wales with an index about 34 out of 100, London with 36 and West Midlands with 37.
The following table from Lloyds Bank shows the Happiness Index for Britain to July 2019.
|East of England
People living in the bottom three regions were about 28% less happy than those living in the South West.
If you are renting from a private buy-to-let landlord
your happiness score is 34 which is lower than the national average of 43.
The report shows the main issues for the least happy residents are higher rates of crime, anti-social behaviour, poor local services, unemployment, not knowing your neighbours and loneliness.
Despite a low happiness index homeowners remain and remortgage buyers
benefiting from rising house prices gives them an opportunity to release capital which they can use to improve their home.
In contrast homes close to the Eden Project, Glastonbury, Stonehenge and the stunning South West coast had the highest happiness score of 51 out of 100.
Andy Mason Mortgages Director at Lloyds Bank said, the happiness ranking gives us an idea of the quality of life in each region across Britain, with the South West taking the top spot this year.
Does money buy happiness?
Having more money does buy happiness but only to an extent with the least happy for those earning up to £9,999 on a score of 36 out of 100 with a gradual increase in happiness as income rises.
The happiest people are those earning between £50,000 to £59,999 with a happiness score of 65 but those earning £60,000 to £69,999 had a lower score of only 44.
Higher earners with income of £70,000 to £99,999 were slightly happier on 48 and the second happiest group were earning £100,000 and over on 58.
For older homeowners on lower incomes with considerable value in their property, you could improve their happiness score with the equity release buyer
to access money to improve your quality of life or gift to a family member or friend.
Happiness increases after the age of 35 with people aged over 65 the happiest of all groups, ranking 66% happier than those in their late teens, twenties and early thirties.
People that can manage their money were much happier scoring 58 whereas those that struggled with money and finances had a score of only 19.
Financial security clearly plays a role in how happy we are, but that doesn’t tell the full story as other factors like convenient amenities, living close to friends and family, and a good community spirit make a big impact too, says Mr Mason.
What are your next steps?
Speak to our LCM mortgage advisers if you are planning to move home, buying your first home, remortgaging your existing home to a new cost effective mortgage deal or are a buy-to-let investor.
Start with a free mortgage quote or call us and we can take your details. Learn more by using the mortgage monthly cost calculators
, equity release calculator
and property value tracker
For equity release buyers our London City Mortgage brokers can recommend lifetime mortgages allowing you to receive cash from your property to help maintain your standard of living as costs rise.