Cost of Living in London

How Much Does It Cost to Live in London in 2024?

What is the average monthly cost of living in London?
The average cost of living in London is £2,412.75 per month.

Spending time in London, the UK’s capital, is marked by a fast-paced, big-city life. Whether you’re considering a move to London or already residing in the city, managing your monthly budget is crucial.

The cost of living in London varies, with the City Centre being pricier, while East London and South London offer more affordable alternatives. Exploring different areas in London allows you to find the right fit for your lifestyle and expenses. 

Despite the challenges, life in London is an adventure worth embarking on. London compensates with a wide range of job opportunities, high salaries, and a diverse economy that includes finance, technology, and culture. 

Methodology

The main data collection source for this article is Numbeo and trusted city-related websites, including UK house price statistics, Transport for London and the Government of the UK. The costs presented are estimates and pertain to an individual living alone on a monthly basis.

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Housing costs in London

No matter where you choose to live, one of your most significant ongoing expenses will be housing prices, and this is no exception in this big city. London is often considered one of the most expensive cities in the world when it comes to real estate and property prices. 

Housing costs in London are among the highest in the United Kingdom and are a significant factor in the city’s overall cost of living. In the City of London, the average housing prices have continued to rise. In July 2023, the average price for a home was £905,489.00, compared to £862,653.00 in July 2022, according to UK house price statistics

If you’re looking to save money, having knowledge about London’s housing market is key.

Cost of rent in London

Area/Neighborhood

1-bed apartment

3-bed apartment

London (Outside of Center)

£1,530.00

£2,533.75

Numbeo (Sept 2023)

Cost of buying a property in London

Area/Neighborhood

Average home price 

London

£905,489.00

UK House Price Index (Jul 2023)

Utility costs in London: Internet, electricity and water

Whether you own or rent, you are responsible for utility bills, which include energy prices for gas and electricity. In London, utility expenses are generally in line with the national average. However, it’s important to note that London can experience fluctuating weather conditions, with cold winters and occasional heatwaves during the summer. 

This means planning your budget to cover heating expenses and investing in weather-appropriate appliances, such as a good heater and insulation, is crucial for maintaining comfort and energy efficiency in your London home.

Utilities

Cost

Basic

(Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment

£315.27

Internet

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

£32.96

Total

£348.23

Numbeo (Sept 2023)

What is the average monthly cost of utilities in London?
The average monthly cost of utilities in London is £348.23.

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Grocery costs in London 

Grocery costs in London have steadily risen, with a 13.6% inflation rate for food and non-alcoholic beverages in August 2023, as reported by the Office for National Statistics in the UK

Londoners have a variety of supermarket options, including upscale and budget-friendly choices like Tesco, Sainsbury’s, Asda, and Lidl. Managing expenses is crucial in the face of these escalating costs.

Grocery items in London

Cost

Milk (regular), (1 liter)

£1.31

Loaf of Fresh White Bread (500 gr)

£1.53

Rice (white) (1 kg)

£2.18

Eggs (regular) (12)

£3.51

Local Cheese (1 kg)

£7.19

Chicken Fillets (1 kg)

£7.87

Beef Round (1 kg)

£11.69

Apples (1 kg)

£2.10

Banana (1 kg)

£1.22

Oranges (1 kg)

£2.07

Tomato (1 kg)

£3.04

Potato (1 kg)

£1.17

Onion (1 kg)

£1.11

Lettuce (1 head)

£0.88

Bottle of Wine (Mid-Range)

£9.00

Domestic Beer (0.5 liter bottle)

£1.90

Imported Beer (0.33 liter bottle)

£2.49

Numbeo (Sept 2023)

What is the average monthly cost of groceries in London?
The average monthly cost of groceries in London is £241.04.

Public transit in London

Transportation in London is incredibly diverse, providing a wide range of options to cater to different needs. You can select from tubes and rail, buses and trams, or opt to drive yourself.

The city’s public transportation system, including the iconic tube stations, plays a vital role in the daily commute, especially during rush hour. Many areas in London provide easy access to tube stations, making it one of the most efficient ways to navigate the city while avoiding traffic and crowded streets. Additionally, you have the option to cycle, walk, or use the metro or drive to get around.

Travelcards provide unlimited, multi-day travel, ideal for frequent users. Oyster cards and contactless payments offer cost-effective pay-as-you-go options for individual journeys on the Tube, DLR, and London Overground.

Type of fare

Rate

Bus and Tram (Weekly)

£24.70

Bus and Tram (Monthly)

£94.90

Pay as you go – One Day

Tube, DLR, London Overground, Elizabeth Line and National Rail Services

(Zone 1)

£8.10

Pay as you go – (Weekly)

Tube, DLR, London Overground, Elizabeth Line and National Rail Services

(Zone 1)

£40.70

Travelcards – (Weekly)

(Zone 1)

£40.70

Travelcards – (Monthly)

(Zone 1)

£156.30

Transport for London (Sept 2023)

What is the TTC monthly pass price?
The TTC monthly pass price is £156.30.

Entertainment costs in London

Living in London is exciting, with its renowned West End theatres, lively nightlife including traditional pubs and trendy nightclubs, and world-famous museums like the British Museum and the Natural History Museum. You can enjoy international cuisine, festivals, and the serene beauty of London’s parks, such as Hyde Park and Hampstead Heath. For a taste of the dynamic financial district, explore Canary Wharf.

Entertainment in London

Cost

Mid-range restaurant meal

£40.00

Taxi 1h

£29.40

1 cinema ticket

£15.00

Total

£84.40

Numbeo (Sept 2023)

Sales tax in London

VAT rates for goods and services in the UK vary, with a standard rate of 20% applying to most goods and services. However, there is a reduced rate of 5% that covers specific items like children’s car seats and home energy. Additionally, certain essential items, such as most food and children’s clothes, fall under the zero rate, meaning they are exempt from VAT at a 0% rate.

Certain items, such as postage stamps and financial/property transactions, are VAT-exempt.

Government of the UK (2023)

Healthcare costs in London

The UK offers universal healthcare through the National Health Service (NHS), which extends across the entire UK, including cities like Manchester and London, providing free coverage for all medical services, from ambulance rides to surgeries and medications.

Foreign residents can access NHS healthcare by obtaining an NHS number, often necessary for appointments with a General Practitioner (GP) who acts as the primary care provider and the gateway to specialist care.

Also, private insurance options are available for faster access, the choice of specialists, and better amenities, even for elective hospital procedures, and can be obtained through employers or individually.

Type of healthcare

Cost

Employer-sponsored health insurance

*It depends on the employee ages and the tier of cover.

£45.00

Non-employer-sponsored health insurance

£84.35

Gym

£52.78

Numbeo (Sept 2023), NimbleFins (Jan 2023), & My Tribe Insurance (Sep 2023)

What is the average monthly cost of employee-sponsored health insurance in London?
The monthly cost of employee-sponsored health insurance in London is £45.00.

Conclusion

Relocation to London combines great experiences with high costs. Effective budgeting and understanding the city’s expenses are essential for a comfortable life. London offers cultural richness, job prospects, and diverse dining.

It’s a good idea to know how much things usually cost, which you can see in the table below.

Category

Monthly cost

1 bed apt rent outside city center

£1,530.00

Groceries

Numbeo’s grocery list (£60.26 multiplied by 4)

 £241.04

Utilities

Electricity, heating, cooling, water, garbage

£315.27

Internet with 60 Mbps

£32.96

Transit pass

£156.30

Entertainment 

Meal, taxi, movie

£84.40

Gym membership 

£52.78

Total

£2,412.75

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Ann Nacario

The author

Meet Ann – our head writer with a knack for making moving and city living a breeze. From the many details of moving to picking the perfect moving company, she’s your guide. Ann has a friendly yet detailed approach to ensure your move goes off without a hitch. When she’s not writing about relocation, it will always be on her mind, but you’ll catch her spending time with her three furry friends.

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