As the capital of United Kingdom, according to Countryaah.com, London is an exciting and vibrant city, with endless possibilities. And as one of the main global cities in the world, it is also culturally diverse, offering its inhabitants many opportunities for entertainment, studies and career advancement. For all these reasons, it is an extremely popular city for expats from all over the world. And do you know what all this means? You got it right if you thought of high prices. The cost of living in London is actually not cheap! On the contrary, we are talking about one of the most expensive cities in the world. But if you dream of living there, we will now show the average prices in the city.
Cost of living in London: Real Estate (to buy or rent)
If you are thinking of moving to London, you should be aware that we are talking about one of the most expensive cities in the world to rent as well. It is not uncommon, for example, for Londoners to spend half of their monthly salary on rent alone.
The average monthly rent for a two bedroom apartment / house is about £ 2,400. The average cost to buy a three bedroom property is £ 967,989!
But, although patience and a lot of research are needed, it is possible to find something in your price range in an area that meets your needs. So finding out what is most important to you when looking for the ideal London home can help you save a lot. For example, an apartment located next to a metro station will cost more than one located 15 minutes away on foot.
The tip for those who want to move without a family and do not insist on living alone is to rent a room in a shared apartment. You will see that costs will drop dramatically. Some good platforms for looking for shared rooms in London are SpareRoom, Ideal Flatmate and Spotahome.
As in any city, property prices can vary widely, depending on the area of the city. South London, for example, generally has lower rental prices than other regions. There, the average monthly rent for a 1-bedroom apartment is around £ 1,456. An apartment of the same size and standard in Chelsea, one of the most upscale neighborhoods in London, would cost no less than £ 2,244 a month. In the center, where corporate and office buildings are concentrated, this figure is around £ 2000.
What normally does not change, regardless of the neighborhood, is the obligation to pay a monthly renter’s insurance fee that normally varies between 6 and 15 pounds.
Cost of living in London: Market and food
Food and groceries are no exception to London’s high cost of living. But it is worth remembering that spending on food purchases varies from person to person, depending on your eating habits. But, in general, you can save a lot of money by shopping at cheaper supermarket chains like Tesco, Lidl and Sainsbury’s.
See below the average costs of some essential items according to Numbeo:
|Product||Price (in pounds)|
|1 liter of milk||0.96|
|Granola bread (500 grams)||1.09|
|1 kg of rice||1.28|
|1 kg of cheese||6.71|
|1 kg of chicken breast||5.98|
|1 kg of meat||8.58|
|1 kg of apple||1.88|
|1 kg of banana||1.14|
Eating out can end up costing you a lot, especially for a family. The cheapest, which are fast food chains , is around 6 pounds (the combo). A simple cappuccino costs an average of 3 pounds. So it is quite common for Londoners to take their own meals to work.
Cost of living in London: Entertainment (bars, pubs, restaurants, cinema and theaters)
If you’re not a big fan of cooking at home, expect to spend between £ 11 and £ 20 per meal at a cheap restaurant. In an average restaurant, these values rise to 20 and 40 pounds, respectively. A beer is around £ 5, while a cocktail costs less than £ 12.
For club lovers, be aware that nightclubs usually charge an entrance fee, but it is possible to save some money by arriving early. That’s because, usually before 11pm, admission is usually free.
Cinema tickets for international releases can cost 10 to 15 pounds. But you can find great cinemas with cheaper tickets, like Prince Charles Cinema and PeckhamPlex. For free entertainment, visit museums and parks and browse the Internet to search for free events in the city (they are always happening!).
Cost of living in London: Monthly bills
For gas, electricity, water and wifi costs, a fixed monthly fee is usually charged based on the average amount spent in the last 12 months in your apartment / house. But to get a more accurate idea, the average monthly cost for gas, electricity and water is around £ 160. What contributes most to the increase in spending is the use of a heater in the winter. You can help reduce these costs by reducing heating when you’re not at home and using more clothes to keep warm. Wifi packages vary between 20 and 40 pounds, depending on the provider and package chosen.
It is worth remembering that with regard to wifi, gas and electricity, there are several suppliers in the city and it is up to the customer to choose the best one for him. Regarding water supply, there is only one responsible company: Thames Water.
You can use comparison sites to analyze the best power supply companies for your reality. Some examples are Money Super Market and uSwitch.
Cost of living in London: Cell phone plan
You can’t move to another city without having a local cell phone plan. The Billmonitor has a calculator that will analyze your needs and find the best plan for you. The cheapest ones cost about £ 19 a month.
Cost of living in London: Transportation
For public transport use, most passengers use the Oyster, which is a monthly (and rechargeable) travel card. It is also possible to use a contactless bank card to make the payment. For those who use public transport frequently, it is much cheaper than buying individual tickets for each trip.
The Oyster Card is very useful for almost all types of public transport in London. It works on a payment system depending on usage, and the amounts may vary according to the cardholder’s area of residence (there are six different zones) and also according to the time of transportation usage (peak times are more expensive) ). Values range from £ 1.50 to £ 5.10 for Oyster and £ 4.90 to £ 6 for cash payment.
Peak fares apply to all trips made Monday through Friday before 9:30 am. A medium-length journey in one of London’s famous black taxis, on the other hand, costs between £ 10 and £ 35, depending on the distance and time of day.
If you prefer to use a bicycle, there are some services open to the public. One of the most used is Santander Cycles, where you can pay 2 pounds for 24 hours of use. You can take as many trips as you like, as long as each trip lasts less than 30 minutes. If a trip exceeds this time, there will be an additional cost of £ 2. It is possible to make an annual subscription of 90 pounds (about 0.25 pounds per day) which entitles you to unlimited access.
Cost of living in London: Academies
The average monthly fee for gym and fitness clubs in London is around £ 40. To get discounted rates, two franchises indicated are Fitness Space and Pure Gym, which are the most basic gyms.
How much will you spend per month in London?
It is estimated that a single person residing in London spends around £ 794 per month, excluding rent. Although this value is higher than many cities in Europe, London has a lot to offer, so this is a cost that may be worth it.
Millions of people successfully live, study and work in this capital, and the population of foreigners increases every year. In other words, prices are certainly not an obstacle for all those people who see the city as an opportunity to build a career, have a great quality of life and access to everything that a city the size of London has to offer.