- Last updated on: November 22, 2022
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 flat 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 flat in some of London’s boroughs:
Flat | Price per square foot |
Price per square feet to buy an flat in the city centre | £12,247.73 |
Price per square feet to buy an flat 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 flat in London?
The average rent for a 1-bedroom flat in London is £1,821 per month.
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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 Flat | £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 | |
What is the cost of a MetroCard for 1 person in London?
The MetroCard monthly pass price is £123.83.
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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:
| Entertainment | Average Price |
Meal, Inexpensive Restaurant | £15.00 |
Taxi 1-hour Waiting (Normal Tariff) | £28.80 |
Cinema, International Release, 1 Seat | £13.00 |
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:
Category
Description
Cost
Housing
Average rent price for a one-bedroom flat + + 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.
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