Agreed,but in the late 90s living in the east end with a graduate job paying 18k I felt rich. 10 mins on the tube to the city and lots of free beer and champagne and posh meals on the company. I went out whenever I felt like it. I've been back quite a bit and while it is more expensive is not ridiculous. If you're sensible you can have a great time as long as you manage those housing costs.
If you can get 40k in Manchester then yes 50-55k should be achievable or contracting for more but that will make it harder to buy or set up a rental agreement if you don't have guaranteed income?