Why is it so expensive to live in London?

London is one of the most popular cities in the world, attracting so many people wanting to live and work in the capital due to the healthy competition within the job industry and the good quality of life. Also, London has many advantages of living as it is a cosmopolitan and very dynamic city, never leaving your short of things to do or see. People worldwide dream of visiting London; known for its cultural and historical background, as well as its famous landmarks and buildings, and of course being home to the Royal family.

However, if there is one problem that you have to fault the capital for, it’s the cost of living. Well before the financial crisis, London has always been an expensive place to live, particularly when it comes to eating and going out, and doing your weekly food shop. Food products are more expensive here than in the rest of Europe because in the UK the majority of products and produce have to be imported due to our climate not allowing for sustaining production.

Another reason why London is so expensive to reside in is that the cost of living has increased faster than the average salary, making it the fifth most expensive city in the world.

What’s more surprising with the high demand to live in London is that real estate and the cost of properties and rent are through the roof. With overpopulation in the capital, the physical space of the city is far too limited for the demand for properties. Also, the historical background of the city plays a role in the price of properties. A lot of houses in London include gardens, but even one-bedroom flats and apartments can feel like you are paying for a three-bedroom house.

Due to these factors, families contemplate choosing areas outside London that are more affordable. To many, Portsmouth emerges as an option worth considering (one can explore properties here with the help of Chinneck Shaw Estate Agents Portsmouth & Southsea). Compared to the faced-paced life of London, Portsmouth offers a more relaxed living, thanks to its beautiful coastlines and beaches. Additionally, housing prices, rent, and daily expenses in this area are lower than in the capital city. This allows residents to enjoy a higher quality of life.

However, it’s not all doom and gloom when it comes to London. Some property agencies such as Leo Newman make living more accessible in London by using their expert knowledge and experience in trying to find you the best value for money in terms of location and getting what you pay for.

London is not only expensive in terms of property; it also has a high cost of transportation. Although the city has one of the most well-developed and efficient transportation systems, the prices to travel come at a cost. Commuters making their way into the capital for work every morning, unless subsidized by their employer, can find themselves paying over 1,000 a year in travel expenses – and buying the annual pass is actually saving you money! A car might be an easier option to save but you will still be forced to pay for petrol as well as the congestion charge, and the 8 am rush hour in London is something no-one should have to go through.

With all of that said, there is still no denying that London deserves all of its praises for being the diverse and welcoming city that it is, and it will always be in popular demand whether that’s for living or visiting. By 2021, it has been predicted that the capital will see a further million people welcomed. Whether this means that the cost of living isn’t as big of a problem as everyone seems to think it is can be argued. Moving to London means opportunity and a unique and rewarding experience; however, you should bear in mind that the cost of living can adapt and change your overall experience. Nevertheless, if you are lucky enough to have the chance to live in London, it’s about taking in the opportunity and focusing on the positives and advantages of living in such a wonderful city.