I am sure you have thought about moving to London before, I am going to explain all the costs of living in London for you.
Living in London costs more than most other areas of the UK. You have a high London living rent to consider and average expenses in London can be considerable. We break down examples of costs below, please read on.
However, as well as higher expenses you also have higher income to mitigate against London expenses per month.
Living in London costs, whilst high, do not detract from everything this historic city has to offer and the move is certainly worth the higher average expenses living in London incurs.
I will start with the cost of the travel and transport in London as this is an important one. The London Underground is one of the quickest and most popular ways of travel in London. Monthly passes for this are from £138.70 to £361.40 this all varies depending on what zones you need to go through.
London is well-known for its great range of study utilities.
The tuition fees for UK students are around £9,000 per year, for someone that is not a UK resident it can be around £13,000.
The more well-known universities charge quite a bit more such as the University College London is £9,250 for UK students and it becomes £31,200 for non-UK citizens!
In the UK healthcare is free from the NHS if you are a UK citizen. Private treatment is accessible and even if you are not a UK citizen you can still get an emergency treatment if you require it.
For people that are planning on just visiting the UK then you need to make sure that you have travel insurance to cover you.
If you are looking for a small apartment, then you are looking at around £1,460 per month.
For a medium sized apartment then you are looking at £1,921 per month.
For a large apartment you are looking at £2,460 per month.
As you can see, it is not the cheapest to live in London however, the facilities that London has to offer can usually make up for money you are spending on rent per month.
For a 1 bed flat in the city centre:
For a standard meal for 2:
For a monthly travel pass:
Excluding rent, this is roughly how much it will cost you to live in London:
1 person per month = £835
4 people (family) = £2965
Basic utilities per month = £170
Below I am going to show you what the annual salaries are like for different occupations in London:
The currency in the UK (London) is GBP also known as sterling or the Pound.
An example of currency conversion with the major currencies:
There are online currency conversion websites that can show you exactly how much money you would get for how much you have currently got in a different currency. The exchange rate for currencies changes every few seconds so it can be hard to lock-in a good rate. Here at Regency FX, we can get you the best rate possible and lock-in a rate for you if you are not ready to do the transfer yet!
The banks may seem like the best option however, they usually charge lots of fees and do not offer competitive exchange rates!
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.
They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.
We can monitor the market on your behalf enabling you to budget more effectively.
As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.
Get a quote and see how we stack up.
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