How Much Does It Cost to Live in London? - cost of living in london

How Much Does It Cost to Live in London? - 2023

What is the average cost of living in London?

 

The average cost of living in London for 1 person is £2,538.08 per month

Moving to a new city is a big choice you will have to make at some point in your life. Many are thinking about moving to London because it offers an abundance of entertainment, nightlife, dining opportunities as well as great public transportation options. 

The Office for National Statistics (ONS) says that from August 2021 to August 2022, house prices went up by 13.6%. This is down from a peak of 16% a month earlier. The rate of annual house price inflation in London rose to its highest level in more than six years in August, at 8.8%.Over the past year, the average price of a home in the capital has gone up by £44,669. According to Numbeo.com, the rent for a 1-bedroom apartment in London is £1929.19. 

This article will tell you the cost of living in London and help you decide where to live based on your budget.

(*ONS, Numbeo , & Forbes)

Cost of living in London - 2023

Housing cost in London

No matter where you live, one of your biggest ongoing costs will be paying for a place to live. Since May 2022, house prices in London have gone up by an average of 1.9%. The average value of a home goes up by 6.3% every year, which brings the average house value to £537,920.

Below is a list of how much rent costs per month in some of London’s boroughs:

Borough

Studio

1 Bedroom

2 Bedroom

3 Bedroom

4 Bedroom

Westminster

£1,350

£1,690

£3,683

£5,200

£5,850

City of London

£2,600

£3,012

£3,445

£5,000

£9,945

Southwark

£1,600

£1,755

£2,500

£3,200

£3,683

Wandsworth

£850

£1,498

£2,500

£3,500

£4,250

Bexley

£600

£1,150

£1,600

£1,750

£2,400

Below is a list of the housing prices to buy an apartment in some of London’s boroughs: 

Apartment

Price per square foot

Price per square feet to buy an apartment in the city centre

£12,247.73

Price per square feet to buy an apartment outside of the centre

£6,624.79

Borough

Median Cost 

Westminster

£3,775.88

City of London

£9,436.26

Southwark

£8,007.25

Wandsworth

£11,0000

Bexley

£5,118

*Housing prices vary throughout the city greatly depending on the location. 

(*Numbeo & UK Government Website)

What is the average rent cost for a 1-bedroom apartment in London?

The average rent for a 1-bedroom apartment in London is £1,821 per month.

Utility costs in London: Internet, electricity & water

Whether you own or rent, you are responsible for utility costs. London’s utility expenses are comparable to the national average. And because the weather in London can be unpredictable, one must have sufficient funds for a heater and other weather-appropriate appliances.

The usual basic utility bundle in a well-known London borough includes heating, electricity, water, and waste collection.

Utilities

Westminster

City of London

Southwark

Wandsworth

Bexley

Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment

£217.81

£236.56

£145.65

£117

£209.60

Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)

£34.60

£29.47

£34.00

£33.25

£52.50

(*Numbeo)

What is the average cost of utilities in London?

 

The average cost of utilities (Internet, electricity & water) in London is £222 per month.

Grocery costs in London

Food is another everyday expense that makes a big difference in how much it costs to live in an area as a whole. According to the Office for National Statistics it shows that food prices in the UK have gone up 13% in the last ten years, but only 0.5% in the last year.

According to Numbeo.com data, the average grocery cost in some London boroughs is as follows:

Grocery

Westminster

City of London

Southwark

Wandsworth

Bexley

Milk (regular), (1 gallon)

£1.02

£1.10

£1.04

£1.36

£0.75

Loaf of Fresh White Bread (1 lb)

£0.88

£1.01

£0.87

£2.05

£1.20

Rice (white), (1 lb)

£1.10

£1.72

£0.45

£2.25

N/A

Eggs (regular) (12)

£2.55

£2.37

£2.18

£1.97

£2.00

Local Cheese (1 lb) 

£9.17

£6.50

£4.71

£5.00

£2.50

Chicken Filets (1 lb)

£5.50

£6.46

£5.25

£6.00

£5.00

Beef Round (1 lb) (or Equivalent Back Leg Red Meat)

£11.74

£9.73

£10.50

£5.67

£8.48

Apples (1 lb)

£2.66

£2.11

£1.98

£1.57

£1.25

Banana (1 lb)

£1.92

£1.25

£0.87

£0.81

£1.25

Oranges (1 lb)

£3.33

£1.86

£2.08

£0.83

£1.50

Tomato (1 lb)

N/A

£2.33

£3.78

N/A

£4.00

Potato (1 lb)

£1.63

£1.11

£0.92

£1.73

£1.25

Onion (1 lb)

£1.67

£1.15

£0.83

£0.90

£1.25

Lettuce (1 head)

£1.27

£0.85

£0.68

£0.67

£1.00

Water (1.5-litre bottle)

£1.31

£1.12

£0.96

£1.17

£1.75

However, the food costs may vary depending on your area.

(*Numbeo)

What is the average cost of groceries for 1 person in London?

 

The average cost of groceries for 1 person in London is £186 per month.

(*NimbleFins)

Public transportation costs in London

London’s transportation is diverse. You can take a bus, ferry, rail, cab, aircraft, or drive. The British transport network has many paved highways, modern railways, airports, etc. In much of London, you can walk to an underground stop and catch a train within 10 minutes. The underground is one of the most effective methods to travel about because it avoids traffic and streets. You can also cycle and walk the city as well as drive or metro.

Here is a list of how much public transportation costs in different London boroughs:

Transportation

Westminster

City of London

Southwark

Wandsworth

Bexley

One-way Ticket (Local Transport)

£2.80

£2.60

£1.70

£2.80

£1.50

Monthly Pass (Regular Price)

£142.50

£156.69

£120.00

£145.00

£55.00

Taxi Start (Normal Tariff)

£2.60

£24.00

£2.60

£2.60

£2.60

Taxi 1km (Normal Tariff)

£1.70

£1.70

£1.70

£1.70

£1.70

Gasoline (1 Gallon)

£1.52

£1.75

£1.54

£1.52

£1.55

(*Numbeo & Transport For London)

What is the cost of a MetroCard for 1 person in London?

 

The MetroCard monthly pass price is £123.83

Are you moving and wish you had some help? Check out our free interactive checklist.

Tackle Your Move in Minutes.

1. Save time with every task
2. Access exclusive deals
3. Track your progress

Widget Dashboard

Entertainment costs in London

Live music, amazing cuisine, and other forms of entertainment abound in London. A memorable time can be had by all thanks to the city’s interesting culture and great people.

According to Numbeo.com data, the entertainment costs in London are as follows:

EntertainmentAverage Price

Meal, Inexpensive Restaurant

£15.00

Taxi 1-hour Waiting (Normal Tariff)

£28.80

Cinema, International Release, 1 Seat

£13.00

(*NumbeoBexley taxi calculator)

What is the average cost of entertainment in London?

 

The average cost of entertainment in London is £56.80 per month. 

Healthcare costs in London

Healthcare is an important expenditure when calculating the cost of living in London. It can vary a lot depending on your health, how much your medications cost, whether you get health insurance through your job or on your own, and how many people live in your home.

Here are the costs of healthcare in London:

Heathcare

Average Cost

Employer-Sponsored Healthcare for one person per month

£86.00

Employer-Sponsored Healthcare for a family of four (couple + 2 children from 5 to 10 years old)  per month

£148.00

Fitness Club, Monthly Fee for 1 Adult

£42.37

(*NimbleFins.com)

What is the average cost of a gym membership in London?

 

The average cost of a gym membership in London is £42.37 per month.

Sales tax in London

The British sales tax is 20%. In shops, hotels, and restaurants, tax is virtually always included. The UK has a 15% lower cost of living than the U.S. The UK is 16th most costly in the world. In the UK, the typical after-tax pay covers living expenditures for 1.6 months, compared to 2 months in the US.

(*Livingcost.org)

Conclusion/Summary chart

The cost of living in London is relatively high compared to other towns and cities in the UK. However, relocating to London does not have to be difficult if you plan your money well and budget your expenses. The average cost of living in London is mentioned in the table below:

Illustrations-Mes changements d’adresse (1)

Category

Description

Cost

Housing

Average rent price for a one-bedroom apartment +  + Average Utility Cost

£1,821 + £185.32

Healthcare

Employer-Sponsored Healthcare for one person

£123.83

Transportation

MetroCards Cost for one month

£86

Food

Average Grocery Cost Per Person Per Month

£186

Internet

Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)

£36.76

Entertainment (for 1 time only)

Meal Inexpensive restaurant + Cinema, International Release, 1 Seat + Taxi 1-hour Waiting

£15.00 + £28.80 + £13.00

Health and Fitness

Fitness Club, Monthly Fee for 1 Adult

£42.37

Total

Sum

£2,538.08

Note: The cost mentioned above may vary; for instance, if you are living with someone, your cost will be considerably low. Also, if you have a family, you will need to add the cost of each family member. Finally, the price may also vary depending upon the area you select to live in.

Special Mention!

Moving is often synonymous of stress, long administrative tasks and a significant waste of time and money. MovingWaldo helps you solve all these problems in just a few clicks! After some shameless self-promotion, we invite you to discover our free moving tools available to all.

  • Update accounts
  • Connect Internet, TV and Phone.
  • Secure home and auto insurance
  • Find resources, checklists and more.

We bring together more than 700 organizations across Canada with a single and simplified form.

Share this article on social media

Relevant for your move

Need help moving?

Check out MovingWaldo’s free moving platform and find everything you need for your move. No sign up required!