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London is the Third Most Expensive City to Live in
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
London is the third most expensive city in the world to live in, according to new research.
Beating London are wealthy cities in the Cayman Islands and Switzerland, revealed figures from Expatistan, which uses crowdfunded data to create a cost of living index for a number of world cities.
London came third in the study, behind Grand Cayman and Zurich.
The research also revealed that London has the second most expensive public transport in the world, the third highest utility costs and the fifth most expensive theatre tickets.
It is the second most expensive city in Europe, after Zurich, and the most expensive in the UK.
The most expensive cities to live in around the world
London is the Third Most Expensive City to Live in
|
Position |
City |
Country/Area |
| 1 | Grand Cayman | Cayman Islands |
| 2 | Zurich | Switzerland |
| 3 | London | UK |
| 4 | Geneva | Switzerland |
| 5 | New York City | USA |
| 6 | San Francisco | USA |
| 7 | Washington DC | USA |
| 8 | Bern | Switzerland |
| 9 | Hong Kong | China |
| 10 | Singapore | Singapore |
Contrastingly, Madras in India is named the least expensive city to live in in the world. The bottom of the list is predominantly made up of small cities in Eastern Europe.
The cheapest city to live in within Western Europe is Lisbon, Portugal, which has a cost of living index of 127 compared to London’s 308.
London has dropped down the list in the past year, from its number two spot in July last year.
Compared to other UK cities, London is significantly more expensive – 36% more than Manchester, 38% above Glasgow and 40% pricier than Belfast.
After London, the most expensive UK city is Aberdeen, which has high rents and house prices due to its position as a centre for Britain’s oil industry in the North Sea.
Although the data is not good news for Londoners, it comes as no surprise.
In June, London rents reached a peak, making them over double the national average. In May, Oxford Economics revealed that it expects the average London house price to be £1m by 2030.
A study by Liverpool Economics, on behalf of four London borough councils, has also found that if the Government implements its plans to extend the Right to Buy scheme to housing association tenants, rent prices will be pushed even higher.
