London recently topped the list of the most expensive places to live according to a report conducted by Savills but just how expensive is it to live in this city?
London might not be the most expensive city for every aspect of living but when it comes to property prices, it tops the charts. If you reside in London, housing is going to be your biggest expense especially if Oxford Economics are to be believed. The forecasting group predicted that the average London home would cost one million pounds by the year 2030. But what about rental properties? Is renting a property in London a more affordable option? Unfortunately not. A one bedroom flat in Hyde Park can set you back up to three thousand pounds a month. This property map created by The Telegraph shows exactly how expensive it is to rent in London with prices for properties at every tube stop.
London really is an expensive place to reside when it comes to living quarters but dining in London is an exception with plenty of affordable options for every preference. There are over 65 Michelin Starred restaurants that will cost you a fortune to dine in but there are also a plethora of budget options from scrumptious street food not to mention pre-theatre dining deals. Thanks to restaurants such as Covent Garden’s Kanada Ya and Soho’s Koya, there are plenty of places to grab a bite to eat without breaking the bank.
London has a lot to offer tourists but the city often gets a bad rap for being overpriced. Some of the most popular tourist attractions such as Buckingham Palace and Madame Tussauds are considerably pricier than similar attractions in other capital cities such as Paris and New York. However, this being said, there are plenty of free attractions that tourists can enjoy such as museums and galleries.
Entertainment in the city can be costly but what about supporting a sports team? According to this price index, Arsenal and Chelsea are two of the most expensive football clubs to support in Europe. Arsenal fans have to shell out the most for tickets paying an average of £50 per ticket. However, Chelsea’s tickets are less than popular clubs like Barcelona, Madrid and Rome. Being a football fan in the city can be costly but London is home to many free sporting events such as the London boat race and the London marathon.
The tube may be the most affordable way to get around London but even using the metro every day can cost you a pretty penny. According to studies, London has the second most expensive public transport systems in the world. A tube ticket will set you back almost twice that of what you would pay in any other major city including Paris, Hong Kong and New York.
It would appear that when it comes to property and travel, London ranks as one of the most expensive cities in the world, however, cheap dining options and budget attractions can be found so don’t let the cost put you off this incredible city.