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It is a known fact that the cost of living in London is one of the highest in the world. An individual's monthly expense goes into paying the rent for accommodation, groceries, utilities, entertainment and childcare.
Continue reading this article to know the average cost of living in London!
In this section, we will see the average cost of living in London for bachelors, couples and a family. The approximate cost of living in London for students is £ 2315, for a couple and family of four is £ 4673 and for a bachelor is £ 1527.
There are several areas of monthly expense in London. These expenses include –
A significant part of your monthly salary will go into paying the rent for a living space in London. The cost of accommodation in the capital of the UK is much higher than that in the other cities in the country.
|
Classification of Accommodation |
Approximate Cost |
|
House/apartment |
£ 1674 - £ 3069 |
|
Airbnb (1 day) |
£ 134 - £ 137 |
|
Studio apartment |
£ 650 |
|
Co-working space |
£ 357 |
|
Paying guest |
£ 156 - £ 673 |
One of the most significant monthly expenses in London is the money spent on groceries. The table below shows the approximate price for a basic grocery list –
|
Grocery Items |
Approximate Cost |
|
Milk (1 litre) |
£ 1 |
|
White bread (1 loaf) |
£ 1 |
|
White rice (1 kilogram) |
£ 2 |
|
Eggs (1 dozen) |
£ 2 |
|
Cheese (200 grams) |
£ 6 |
|
Chicken breast (1 kilogram) |
£ 6 |
|
Apples (1 kilogram) |
£ 2 |
|
Bananas (1 kilogram) |
£ 1 |
|
Oranges (1 kilogram) |
£ 2 |
|
Tomatoes (1 kilogram) |
£ 2.4 |
|
Potatoes (1 kilogram) |
£ 1 |
|
Onions (1 kilogram) |
£ 1 |
|
Lettuce (1 kilogram) |
£ 1 |
Individuals, who plan to commute using public transport, can opt for a monthly pass to reduce the cost of transportation. The monthly passes allow an individual to continue travelling in tubes and buses without paying anything extra.
|
Fuel Cost/Transportation Service |
Approximate Cost |
|
One-way ticket (public transport) |
£ 2.6 |
|
Monthly pass (public transport) |
£ 154 |
|
Taxi 1 km normal tariff |
£ 1.7 |
|
Price of diesel (as of 14th February) |
£ 1.5 per litre |
|
Price of petrol (as of 14th February) |
£ 1.15 per litre |
|
Cabs (minimum cost) |
£ 3.2 |
The monthly cost of living in London also includes the household and common utility bill. These utilities include electricity, council tax, gas, water, TV licence and internet. The table below illustrates the approximate money spent on utilities –
|
Utilities |
Approximate Cost |
|
Electricity, cooling, heating, water, garbage |
£ 203 |
|
Local prepaid mobile tariff (1 min) |
£ 0.12 |
|
Unlimited internet package |
£ 31 |
Monthly membership in a gym will cost around £ 43 in London. The entrance to galleries, museums and parks is generally free. Furthermore, London allows student reductions on showing the student identity card.
|
Area of Expense |
Approximate Cost |
|
1 month gym membership |
£ 43 |
|
1 hour rent for a tennis court |
£ 11 |
|
1 seat at a cinema hall |
£ 14 |
|
Meal in an affordable restaurant (1 person) |
£ 15 |
|
Three-course meal in a mid-range restaurant |
£ 60 |
|
McMeal at McDonald's |
£ 6 |
London has various top-ranking schools. However, getting admission to a local state school is sometimes tricky. In such cases, the parents opt for private education for their kids.
|
Schools and Childcare |
Approximate Cost |
|
Preschool, private, full-day for 1 child |
£ 1,500 |
|
International primary school for 1 child |
£ 18,700 |
According to the ‘Expatistan Cost of Living Index’, London is the fourth most expensive city in the world to live in, as of 25th April 2022. Further, London has the eight most expensive average house prices out of the 35 global cities profiled in the report. The cities that were profiled in the report included Hong Kong, Singapore, Shanghai, Vancouver, Shenzhen, Los Angeles and many other top cities in the world.
The Head of Residential Research at CBRE UK says, "Six European cities feature in the top ten for rental growth, including London. These cities are all facing increasing demand and a fundamental lack of supply. In addition, three Canadian cities feature in the top ten - Vancouver, Toronto and Montreal - driven by strong employment growth and low vacancy rates".
London, the capital of the United Kingdom, is certainly one of the most vibrant and exciting cities worldwide. Though the cost of living in London is comparatively higher than in many European cities, settling there is not impossible.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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