In the previous article “Residential returns in London are high“, we described the rental market in London, UK. This time, the British property consulting company British Adventure, with the theme of “British Life”, collected the quotations of the cost of living in London, England. If you want to know what’s going on in the London property scene, read on below.
London is the capital of the United Kingdom, possessing a thriving lifestyle, convenient transportation and many employment opportunities, but many people say that London rents and prices are very expensive, and moving to London may not be a good choice. Are these valid criticisms?
According to the UK website Homeviews, the average cost of living in the UK (including housing) for a single person is about £2,000 a month, and a family of four needs about £3,500. In London, a single person needs an average of £2,892 a month, while a family of four needs £4,850. It can be seen that just within the UK, the cost of living in London is indeed higher. There are many reasons for the high expenses, such as the high rent in London, which costs an average of about £2,219; and various forms of consumption and entertainment are also more expensive. A cocktail in a London bar holds a hefty £11 price tag, and dinner for two in a pub is also expensive, requiring you to fork up £37.
However, the article also points out that living expenses have a lot to do with personal living habits. Having the most expensive dining and entertainment in London is not a necessary expense. If you can save in this regard, your overall cost of living can be greatly reduced. Moreover, the types of housing in London are very diverse. First of all, the rent in the outer suburbs of the city is much cheaper than that in inner London, and you can also consider renting a subletting house (HMO) to live with others to save on rent. In fact, compared with other big cities in the world, London is not expensive at all. Taking a family of four as an example, the average expenditure in New York is as high as £6,000, which is £1,150 more than in London. In this way, London can be regarded as a very affordable international city.
London has long been an international financial center, and the cost of living is more expensive than other cities. Many buyers from all over the world invest in properties in London. We understand that it takes courage to invest overseas, but with adequate data collection, your confidence will be greatly enhanced. We regularly publish relevant information on the UK, covering cities such as Salford, Liverpool and other destinations, to help you choose the right choice.
Information of AdventureInCreativity
AdventureInCreativity (AIC) is a UK registered property consultancy company. Their multicultural team includes UK natives and expats from Hong Kong and other parts of Asia, rooted in the UK and connected to Asia. They focus on helping clients find high-quality properties in the UK. The team has many years of UK property experience, local connections, and understanding of the unique requirements of Asians.
This article has been reproduced in text with the permission of the UK property consulting company AdventureInCreativity.
The UK mortgage information:
- Help to Buy | The UK government helps you get a property with 5% down
- Buy to Let | The UK real estate mortgage loan scheme | Top 10 Best Buy to Let areas
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