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Cost of Living in London

The cost of living in any city is always a touch scary. You know your costs will be a lot more than if you lived in the countryside or a town. And the cost of living in London is extremely high, like any capital city across the world. If you choose to live in or near London, then it is vitally important to keep an eye on your spending. It might even be worth your while looking farther afield from the capital, because the cost of living in London can become stressful and bank breaking!

So despite the cost of living in London, why do people on a tight budget choose to live there? Well, it’s London for one. One of the most exciting, buzzing, historical and beautiful cities in the world. Here we are going to take a look at some of the costs that people have to consider when living in London and how they might reduce them and live a more comfortable, stress-free life.

Cost of living in london

Cost of Living in London

Transport

When looking at the cost of living in London, transport costs are something that you have to deal with virtually every day. A 7-day travel card for zones 1-9 will set you back over £80 a week. That’s £320 a month. For zones 1-4 you are looking at around half that amount. If you are visiting London as a tourist or for a short stay, that cost is acceptable, but when its something you have to fork out for every week or month to get to work and get around, that is a big cost of living in London.

So how to reduce the transport cost of living in London? The capital is becoming more pedestrian friendly, so why not try walking to your destination? Yes, you might have to leave a little earlier but you’ll be getting some exercise and walking is free! You could also try Santander Cycles, London’s affordable self-service and bike sharing scheme.

Entertainment

As a young professional living and working in the capital, with an active, busy social life, the cost of living in London can soon rack up. ‘Work hard, play hard’ is a phrase that applies to many young working Londoners. Getting into the nightclubs in Central London is by no means cheap and a round of jaeger bombs and Peronis can’t be purchased with contactless! The best restaurants are often overpriced. London is not a cheap place to eat. Have you heard of the Big Mac Index? A fun way to compare the costs of eating in cities across the world. The cost of a big mac is £5 in London, £4 in San Francisco and £3 in Chengdu, China.

The food and entertainment costs of living in London are huge. What to do about it? You don’t have to party hard in Central London. Look a little further afield and you will find great places to eat and drink. Do your research, chat to friends and colleagues and you will find some affordable bars and eateries in London and surrounding suburbs.

Accommodation

You don’t need a property expert to tell you that the accommodation cost of living in London is exorbitant. The closer you get to the Central London, the more ridiculous the property prices become. The price per square metre is £8,000 in Central London and £4,900 outside. In prime Central London locations the cost rises to as much as £13,000.

So the accommodation cost of living in London will push many people outside the popular zones. Where do they go? Places such as Croydon and Sutton are much more affordable than Central London. If you want to greatly reduce the cost of living in London, take a look at property in these London suburbs. Inspired Homes have a number of developments in these areas. Find out more here.

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