The cost of living in London is one of the most expensive in the world. But it is also possible to find great value here is many contexts. Gateway highlight the areas that will cost and where it is possible to save money in London.
Accommodation prices in London compete with the most expensive in the world. For a decent two-bedroom apartment within 20 minutes by public transport to the city centre, you will pay around £1500. Go closer to one of the more prestigious areas (like Kensington or Chelsea) and accommodation goes up by 30% or more. For more on the various areas, check out our accommodation section.
Flatshare sites like EasyRoomMate can save you significant amounts of time and money when looking for your first home in London. This is also a great way to make new friends when moving to London.
When deciding on where to live in London and budget, always consider the Council Tax rate. For instance, the Council Tax is a lot more expensive in the Lambeth borough than in the Wandsworth borough, where it is up to half that of Lambeth.
Electricity & Water costs are relatively expensive. For a two-bed apartment you should expect to pay around £150-200 per month on electricity and water, depending on usage of course. Energy prices can range significantly between providers. Energy Helpline is a comparison site that can help you find the cheapest energy providers available in London.
Cost of transport in London is expensive by comparison to any city. Buy an Oyster Card at certain shops and Underground stations and you’ll save hugely on bus and Underground travel. A monthly bus/underground pass will cost you £112.20 as things stand. Taxis are also pricey- a 10 minute trip will set you back around £7 – £9.
Cost of grocery Shopping in London is relatively good value, thanks to supermarket giants like Tesco and Sainbury’s. Here is a list of prices to give you an idea (estimated):
Bag of Ground Coffee: £2.30
Minced meat (250g): £2.50
Butter (250g): £1.50
Fresh Milk (1L): £0.90
Loaf of Sliced Bread: £1.35
Drinking in London is a reasonably-priced pastime as far as global cities go. An average bar will set you back £3.80/4.00 for a pint of lager or beer and £5 for a glass of wine. Get started on drinking and night-life in London, with our feature.
Dining in London can be very reasonable if you pick out some of the offers that the many premium chains have. As with any other global city, you can pay as much as you like here and the selection of Michellin-starred restaurants is one of the greatest of anywhere in the world. Use our Dining Guide to get started with great food in London.
You can save money on many things to do in London by purchasing a London Pass.