How to Cut Expenses in London?
Every year, thousands of people make the move to London from overseas. If you’re looking to do the same, the costs below should help you create a realistic budget of what it costs to live in London.
The first thing that should be kept in mind is that your cost of living expenses will be determined by a lot expatriation cost on customized spending pattern based from your own needs. Items include in this calculation are accommodation and utilities, transportation, groceries, recreation, travels etc.
The most expensive thing about cost of living in London is the rents. London rental prices are among the highest in the world and can eat up to 50% of your after tax income if you’re not careful.
Inner and Outer London
London is made up of 32 boroughs, plus the City of London.
Inner London boroughs are: Camden, City of London, Greenwich, Hackney, Hammersmith and Fulham, Islington, Kensington and Chelsea, Lambeth, Lewisham, Southwark, Tower Hamlets, Wandsworth and Westminster.
Outer London includes: Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Croydon, Ealing, Enfield, Haringey, Harrow, Havering, Hillingdon, Hounslow, Kingston upon Thames, Merton, Newham, Redbridge, Richmond upon Thames, Sutton and Waltham Forest.
Not surprisingly, living in inner London is generally much more expensive than living in outer London. Below are some typical rental prices for individual flats, but they can vary widely from borough to borough.
Minimal Monthly Rental Prices in London as of December 2018:
In city centre:
- Studio flat: £1200
- 1 bedroom flat £1400
- 2 bedroom flat: £1700
- 3 bedroom flat: £2300
Outside of the city centre:
- Studio flat: £900
- 1 bedroom flat: £1000
- 2 bedroom flat: £1200
- 3 bedroom flat: £1500
To ensure the best rental opportunities for fair prices, please consult our estate professionals from Ready Property International to get a comprehensive and tailor-made rental service and find a place to live according to your lifestyles and budget.
Once you have your accommodation accounted for, most other things are not too much of a high value in London, especially food.
If you are on a budget, here are some pieces of advice from Ready Property experts on how to cut unnecessary expenses in the UK capital:
It would be cost-efficient NOT to:
- Keep a car, unless you actually need to drive for work. The point is that parking, insurance etc is extortionate, and there are plenty of inexpensive car hire services to use
- Use taxis unnecessarily, as they are awfully expensive
- Use trains. It is £30+ just to go to Brighton or Oxford on the train. Coaches are cheaper.
Also, it would be wise not to forget that living a long journey from your work or study can be a false economy, or that distance is not always a good indication of travel time. So look carefully at the best ways of getting to your work, and choose the place to live accordingly.