How much does it really cost to live in London?

It’s no secret that living, working, eating and simply having fun in London comes with a pretty big price tag. Which is why it comes as no surprise that those moving into the city will always ask one question: what is the cost of living in London?

We’ve put together this handy guide to help give you a good idea of how much living in London will really cost you. And remember, always listen to advice from the locals - after all, they’re the ones who know London’s best-kept secrets that can save you a pound or two.

How much does it cost to be a student in London?

Taking into consideration the likes of food, travel and accommodation - not your tuition fees - we estimate you will need to budget around £1,500 to live a comfortable lifestyle. Let’s break that figure down.

Your weekly shop

When it comes to buying your groceries, you might be pleasantly surprised - especially if you choose more budge supermarkets, like Lidl and Aldi. In fact, choosing where you shop can have a big impact on your monthly budget, with the likes of M&S and Waitrose bumping up your outgoings.

On average, this is how much your basic basket fillers cost:

Milk (1l): 96p
Bread (500g): £1.07
Eggs (12): £2.12
Local cheese (1kg): £6.89
Beef (1kg): £8.50
Chicken fillets (1kg): £6.12
Tomatoes (1kg): £2.38
Potatoes (1kg): £1.30
Onions (1kg): £1.15
Apples (1kg): £2.16
Beer (0.5l): £2.01
A bottle of wine (mid-range): £8

Your social life

Let’s be honest, you can’t live in London and not go out. Come day or night, there is so much to do in London, this is probably where the bulk of your money will go. And the trick is clever decision-making - and packing your calendar full of free events (which, by the way, there are plenty of).

When you are spending money, here’s what your cash might be going on:

A basic dinner for two in your local pub: £44
A nicer meal for two, maybe at a posh Italian restaurant: £69
Two tickets to the movies: £27
A beer: £6
A coffee: £3.20
A cocktail: £12

Keeping fit and playing sport

London has plenty to offer for gym goers, sports players, and yoga stretchers. Whether you’re looking to get your hands on a standard gym membership, or fancy something a bit different - like a disco spin class at Boom Cycle - there are opportunities waiting for you everywhere you turn.

Fitness club (monthly fee): £47
Tennis court (one hour): £11
Dance (one hour): £24
Yoga session (one hour): £10-£15
Spin class (45 minutes): £20
Swimming session (one hour): £5.50

Utility bills and tax costs

Of course, there are also those little hidden costs to think about as well, including council tax, heating, gas and electricity. These costs will differ depending on which area in London you live in. 

On average, council tax ranges from £1,000 to £3,000 but be sure to ask your landlord how much your average council tax payments will be before you move in. And remember, students can apply for council tax discounts from the government.

Household bills across the country are booming and London is no different. As it stands, utility bills can be anything from £1,860 a year for a smaller flat (45m²) up to £2,800 for a flat double that size. You’ll be wanting wifi too, which works out at around £30 a month.

Getting around

When it comes to travelling in London, you’ve got to be smart. There’s no need to catch the tube when you want to get across the city - instead, why don’t you walk, or bike? Public transport costs can mount up if you’re not careful, with the average person in London spending more than £150 a month on getting around. 

If you are planning on travelling by tube regularly then definitely save yourself a couple of quid by buying a travel card. You can ‘pay-as-you-go’ but this will end up costing you far more than necessary, once all those individual routes have added up.