How much do Peterborough couples spend on their engagement ring?

It’s a moment that couple will talk about for the rest of their lives, so when it comes to planning your proposal there’s a lot to think about.

Friday, 29th March 2019, 4:54 pm
Updated Friday, 29th March 2019, 5:01 pm
Peterborough romantics are among the most generous in the UK when it comes to buying an engagement ring.

And while it’s important to pick the perfect moment in the perfect place - the Ferry Meadows for some, the Queensgate Shopping Centre for others - top of the list is picking out the perfect engagement ring.

But just how much should you spend? For couple in Peterborough it seems putting a ring on it is a moment worth investing in, with new data showing the city’s lovebirds spend an average of £4,200 on their engagement rings.

That’s well above the UK average and works out at just over the perceived etiquette of spending two months salary, based on the region’s average annual salary of £21,500.

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It also puts the area into the top ten highest spenders in the UK.

How does the rest of the UK compare?

Romantics in London are the biggest spenders, paying an average of £8000 for an engagement ring, while Oxford was second in the list at £7,600, and Edinburgh third at £6,980.

Regions which are spending the least amount of money on engagement rings were found mostly in the north of England, with Burnley couples spending just £347 - the the least out of the whole UK, followed by Wigan and Bradford.

Peterborough came eighth out of the big spenders - but given the area had the lowest annual salary of any of the top ten it showed that local lovers were a,pong the most generous in the UK.

Wigan was one of the most frugal cities, with residents spending just £600 on engagement rings despite earning an average salary of £27,283.

The average cost of a wedding ring in the UK in 2018 was £1,483, and while still considered the etiquette, the old tradition of spending two months salary on the lifelong investment is being increasingly ignored in these days of austerity and Brexit uncertainty (in 2017, the year that delivered the brexit verdict, the average spend was just £785).

And increasingly couples are considering other factors such as where the diamond in the ring may have come from, and whether they should go for a diamond at all.

The new data was compiled by national antique silverware and jewellery outlet AC Silver, who analysed the price of engagement rings purchased through its site from customers across the UK over the past five years.

Andrew Campbell, founder of AC Silver said: “Much pressure is placed on individuals when planning a proposal, including finding the ‘perfect ring’.

“We believe wherever your location and whatever your budget, you should be able to treat your special someone to a stunning ring. Thankfully, long gone is the rule of having to spend the equivalent of two or three months salary to buy an engagement ring.

“Interestingly we have seen different spending habits across the UK. Buying an antique diamond significantly reduces the impact of precious stone mining and predominantly will ensure you gain the best value diamond or gemstone for your budget.”

Biggest spenders

London – £8,000 (£35,235)

Oxford – £7,600 (£29,495)

Edinburgh – £6,980 (£28,100)

Brighton – £6,442 (£25,356)

Bournemouth – £5,000 (£24,267)

Cambridge – £4,895 (£30,914)

Bath – £4,699 (£24,595)

Peterborough – £4,200 (£21,500)

Manchester – £4,125 (£32,500)

Salisbury – £3,988 (£24,127)

Most frugal

Burnley – £347 (£19,368)

Wigan – £600 (£27,283)

Bradford – £654 (£20,991)

Barnsley – £730 (£24,449)

Blackburn – £849 (£20.082)

Sunderland – £900 (£20,918)

Newcastle – £935 (£25,033)

Newport – £940 (£22,893)

Gloucester – £965 (£24,212)

Belfast – £995 (£25,579)