The Cheapest Places to Live in London | Your Complete Guide (2023)

FAQs

Which area is cheapest to live in London? ›

The nation's capital doesn't exactly have a reputation for affordability – and for good reason. It's the most expensive place to live in the UK, and in the top 20 in the world.

Cardiff is one of the cheapest places to live in the UK. A 1 bedroom apartment goes for about £663 inside the city, and only £504 outside. Your typical utilities bill will come up to around £202 each month, but costs for things like sports entertainment and transportation are all fairly low.

The average rent per month for a one-bedroom flat in the UK is £700. In the USA it is $1,169, which works out to around £940 per month, making the UK a clear winner here.

The average wage that was seen as a sum on which people could live comfortably is £16,300 more than the £33,000 median annual pay for full-time employees in the tax year ending in April 2022, according to Office for National Statistics (ONS) figures.

General living expenses

It's thought that a single person living in London will need around £1,500 per month to cover their living expenses and just over £1,200 in Manchester. However, with the pandemic pushing inflation to a 10-year high, the cost of general living expenses is rising sharply.

Some people claim to be able to live on an annual salary of £20k in London. However, this will require a lot of economising to make ends meet. In 2023, it seems borderline impossible. The most important consideration, again, is rent.

Believe it or not, it is possible to live on £1,000 each month. However that comes with big caveats – it is likely possible only if you're a single person. If you have a family with children or dependents, the unfortunate news is that it will be near impossible to do so.

Is London less expensive than New York? ›

Cost of Living NYC vs London

Consumer Prices in London are 16.52% lower than in New York, NY (without rent) Rent Prices in London are 30.45% lower than in New York, NY. Restaurant Prices in London are 13.79% lower than in New York, NY. Groceries Prices in London are 37.92% lower than in New York, NY.

The lowest income areas were mostly urban areas in the Midlands, North West, North East, and Yorkshire and The Humber. These include Manchester, Birmingham and Nottingham — major UK cities with household income among the lowest in the country, even though their levels of productivity are closer to the national average.

Contrary to popular belief, you need a visa to move to the UK if you are an American citizen. The only exception to this is that if you are visiting with no long-term plans, you can stay in the UK without a visa for six months – but you cannot work during your visa-free stay.

In order to live in the UK, you'll need to have a valid visa. The type of visa you need will depend on your reason for relocating. There are several categories of visas, including work visas, student visas, and family visas. What is this?

Overall, the cost of living in the U.K. is 0.49% lower than in the United States. Rent overall is about 22.55% lower in the U.K. You would need $4,700 per month to finance a modest lifestyle in London, compared to $5,822 for the equivalent lifestyle in New York City.

Yes, saving £1,000 a month is great! It amounts to £12,000 a year and if this amount is invested properly, it will grow into a very large portfolio over time. Let's dive in further and see what it means to save such a large amount of money in the UK.

What is minimum wage UK? ›

Median income for non-retired households decreased by 0.3% in FYE 2022, from £34,100 to £34,000, following a 1.0% increase in the previous year, with an average annual growth of 1.7% in the 10 years leading up to 2022 (FYE 2013 to FYE 2022).

You will need to pay rent as well and the other costs that you would need to bear will be a little expensive. Hence living in London within £500 might just be quite a stretch. CONCLUSION: Honestly it's hard to live in London earning less than 700 pounds a month.

Rent: The average rent that you will pay in UK varies depending on where you live and the type of accommodation you have. A one-bedroom flat averages at £758 (~$1000 USD) per month if you're in the city; £614 (~$810 USD) if you're outside of the city.

A 25k salary is below the nation's average for a full-time employee. The average yearly wage for full-time workers in London in 2022, according to Statista, was £41,866, compared with £29,521 for workers in North East England, which was the lowest in the United Kingdom in 2022.

London Living Rent is a type of intermediate affordable housing for middle-income Londoners who want to build up savings to buy a home.

The 50/30/20 rule is a budgeting technique that involves dividing your money into three primary categories based on your after-tax income (i.e., your take-home pay): 50% to needs, 30% to wants and 20% to savings and debt payments.

Yes, saving £500 a month in the UK is good! It amounts to £6,000 a year and if this amount is invested properly, it will grow into a very large portfolio over time.

Where do middle class people live in London? ›

East Finchley

It is an established middle-class neighbourhood with excellent schools, sensible houses, and efficient public transportation. While there are a number of million-pound homes in London, you can expect East Finchley to be more affordable.

SAFEST BOROUGHS IN 2022:

Richmond and Twickenham have been considered as the safest boroughs in 2022. Richmond is the safest place to live in the capital. It is a calm, welcoming village with beautiful riverside café's, shops, pubs, 100 parks and 140 hectares of Metropolitan Green Belt area.

Camden is hip, funky, a little gritty, and full of young people, which is why I call it the Brooklyn of London.

Consumer Prices in London are 5.36% higher than in Dubai (without rent) Consumer Prices Including Rent in London are 15.31% higher than in Dubai Rent Prices in London are 31.26% higher than in Dubai Restaurant Prices in London are 4.12% lower than in Dubai Groceries Prices in London are 5.82% higher than in Dubai You ...

Cost of living in London (United Kingdom) is 28% more expensive than in Paris (France) How much money will you need in London? Find out with your own Salary Calculation.

Topping the 2023-24 list: Green Bay, Wisconsin. The magazine called Green Bay "The perfect mix of big-city amenities complemented with a Midwestern, small-town feel."

Hickory, North Carolina

Currently ranked as the cheapest place to live in the U.S., Hickory has a median home price of $161,000.

Wales is the cheapest region in the UK for renting a home, according to the estate agency Hamptons, while London is the most expensive. The average monthly cost of renting a new let is £800 in Wales, compared to £3,000 in inner London.

Yes, you can move to the UK without a job if you have enough money to support yourself and if you are born to British parents or qualify for one of the following visa's: Tier 5 Youth Mobility (this is country and age-restricted) UK Ancestry. Right to Abode.

Where can I afford in London? ›

If you're determined to buy in London, you need to head east for the most affordable areas: eight out of the 10 cheapest places are in east London, with stations on either the District or Central line. Redbridge and Newbury Park take joint first place.

Can I Move to the UK Without a Job? If you are exceptionally talented or wealthy or have a familial connection to the UK, you can move to the UK without a job. Instead, you can apply for one of the following visas: UK Ancestry Visa.

19.9 crimes per 1,000 people

The Shetlands boast one of the lowest crime rates in the UK. In fact, fewer than 500 crimes in total were reported here during the whole of 2021-2022. The islands remain one of the most desirable (and safest) places for escaping the pressures of mainland living.

The latest three-year averages show the North East of England had the highest poverty rate of all regions in 2018-21 at 26%.

All statistics represent rolling averages of 3 years (2017/18, 2018/19, and 2019/20). Poverty rates are higher in London than any other region after housing costs are taken into consideration - more than a quarter of individuals living in London are in poverty (27%).

The cheapest place to rent in London is in the Bexley area according to recent studies, with an average rent of £1100 per month spread across various property types and bedroom sizes. One might be surprised at this, considering Bexley is a hotspot for student accommodation, easily within reach of the city centre.

Typically, North London is more expensive to live in than south of the river. If you can afford it, the most expensive areas of all in the north of the capital are currently Islington and Lambeth, the least expensive being Enfield and Croydon, both within easy commuting distance of the city centre.

1. Kensington. Having been voted the UK's best place to live, Kensington is an affluent part of west London. Along with world-class shopping facilities and beautiful green spaces, you'll be close to some of London's most popular attractions.

What is the safest area to live in London? ›

Despite a slight increase in violent offences between 2020 and 2021, Richmond-upon-Thames is still London's safest borough, with the least common crime being possession of weapons.

The best way to find cheap apartments in London is by using an online platform such as Spotahome. We list thousands of properties available for rent throughout the city, so it's easy for you to find exactly what you're looking for at just about any budget level.

If you're looking to move to London, or are already living here and are looking for a new place, you're probably wondering how much the average rent is. What is this? The average monthly flats to rent in London is around £1,500 – £1,600, but this number can vary greatly depending on where you live in the city.

London Living Rent is a type of intermediate affordable housing for middle-income Londoners who want to build up savings to buy a home. London Living Rent provides high quality rented homes on stable tenancies, with rents based on a third of local household incomes.

Chelsea, Kensington, Mayfair, and Knightsbridge are the richest and most affluent neighborhoods in London. These areas boast fashionable and expensive shops, restaurants and are inhabited by some of the wealthiest individuals globally.

As a rule it's cheaper to live in East London than west, great news when you're on a budget. There's more great news, this time if you love to get out and about after dark. East London has a better nightclub scene, with a wider choice of places to paint the town red. It also makes for a cheaper night out.

Instead of London: Boston, MA

While Boston fought hard to separate itself from British rule in the 18th century, the city undeniably reflects the charm and culture of London.

According to the data, inner London and Medway are the most popular places to retire to, whilst Southampton and outer London are the least popular amongst the 65+ age group.