London offers its citizens a variety of working opportunities, exciting entertainment and numerous other perks for living in one of the most attractive cities in the world. All of this, however, might cost you a nice little fortune unless you are prepared to meet the cost of living in London.

Shopping In London

The minimum amount a single person can spend on food and toiletries per week averages around £30. A litre of milk costs about £1.00, a loaf of bread between £0.60 and £2.00, a cup of coffee about £2.20.

The cheapest supermarkets are Lidl and Asda, Tesco and Sainsbury’s fall mid-range while Waitrose and Marks and Spencer stand on the top end of the scale. Besides these, lots of independent grocery stores, markets and street vendors sell local and international produce at prices ranging from modest to exorbitant. The discrepancy in quality and price can be enormous from one store to another and from one area to the neighbouring. Take shopping in London as an adventure and an opportunity to explore your city or district.

How much you will spend on clothes comes down to whether you plan to wear Versace or high-street labels. Budget between £250 and £1000 per annum in order to gear yourself up in decent wear. Affordable high-street brands have stores in all areas, mostly in shopping centres. Oxford Street and the two Westfield shopping malls, one in the west and one in east London, are some of the most popular shopping venues.

Designer stores abound in central London, predominantly on Oxford Street and in affluent shopping areas such as Knightsbridge. Those on a modest budget might prefer Primark, which is the cheapest clothing and homeware chain. T.K. Maxx sells designer and brand labels at hugely reduced prices.

Charity shops sell clothes and homeware for as little as a couple of pounds per item. During Christmas and mid-summer sales, goods are marked down by as much as 50 or even 70 per cent. To those who have an eye for bargains, browsing can be both fun and cheap.

London Transport Costs

The first thing to do when you move to London is to buy an Oyster card. You can get it from any station or off-licence store, and it will save you a huge amount of money on public transport. For single or return journeys simply top up credit. However, if you plan to commute to work regularly, purchase daily, weekly or monthly travel passes.

Depending on how many zones you have to pass through (central London is within Zone 1, while the outer areas extend all the way up to Zone 6) you might spend between £85 and £150 per month.

Living close to work will save you a lot of money on transport. Do you plan to use your own car? Keep in mind that petrol, which averages between £1.40 and £1.47 per litre, will be only one of your expenses. Beside that you budget for parking fees and congestion charges if you drive

London Accommodation Prices

Buying a house in London is not within everyone’s budget. A small studio flat in the heart of a fashionable central London district could cost more than a reasonably sized family house on the outskirts of the city.

That is why renting is the choice of many people. You can rent an entire flat for yourself or a bedroom in a flat share. Prices of individual rooms start at £300 and go up to £1000 depending on property type, bedroom size, amenities and location.

Single rooms are cheaper than doubles, while suburban properties are more affordable than central London flats. Privacy is a luxury and if that’s what you want and can afford, then you should consider renting a place of your own.

A one bedroom flat can cost you between £900 and £5000 per month depending on what type of abode you seek – modest or luxurious. Do expect to pay a bond amounting to a whole monthly rent or six weeks of rent before you move in.

Besides rent, you will have to budget for a few additional costs. Utilities, such as gas, electricity and hot water, average between £150 and £250 per month. Budget an extra £20 per month for your internet provider.

Did you know that you have to pay a TV licence if you want to watch television in your house? This will cost you about £150 per year. Council tax is charged on residential property in order to fund government services.

Location and property price determine the amount of council tax charged. Full-time students are exempt from paying, while some people can use discounts. Check with local government in order to save yourself some money.

Entertainment

London offers enough entertainment to keep you amused 24/7 and it is wise to budget for the activities you enjoy the most. A cinema ticket costs between £6 and £14, while a ticket for a theatrical performance in the West End can cost upwards of £30.

Access to many museums and galleries is free and as for those that are not, a variety of membership schemes and discounts could save you a lot. You can eat out for as little as £6 if you go to a pub.

Prepare at least £20 per person if you want to try out more exciting dining outlets. Entrance charges for nightclubs would cost between a fiver and £20 depending on the venue and for drinks you will have to pay £3.50 to £5 for a pint of beer or £4.50 for a glass of wine.

London is the capital of fun with attractions and amusements for every taste, style and budget. Whether you have money to burn or a modest budget to tie, you can find plenty of activities to suit your lifestyle.

London Cost of Living

The cost of living in London is not cheap. London has some of the highest taxes, highest European VAT rate, most expensive housing costs, private health premiums, grocery prices and energy bills in the entire country. London is now ranked in the top five most expensive cities on earth (2011)

Below are a few examples of basic items in London.