What it Costs to Live in London 2018
What it Costs to Live in London ? Year: 2018 Between April 2016 and March 2018 private rents are estimated to have risen twice as fast in London as elsewhere in Britain, 7.2% compared to 3.6%, and much faster for smaller properties towards the cheaper end of the market – these increased by around 15% in London, nearly four times the increase in the rest of the UK. In the same period, the cost of a nursery place for a child over two rose by 8.6% in London and 5.7% in the rest of the country. Public transport fares increased by 2.5% in 2016 and less than 1% in 2017, more slowly than previously, but still ahead of inflation. Travel-card fares rose somewhat faster than average fares. Meanwhile there has been severe pressure on services, as local authority budgets continue to be squeezed, and London Councils forecast a £2 billion ‘funding gap’ by 2020. As well as the higher price of housing, childcare and public transport in London, costs are also influenced by how Londoners live. For example, people living in London said they do not need cars but they do need access to the underground (not just bus) which is more expensive than public transport elsewhere. Housing requirements are also different, with people accepting smaller spaces as the minimum in London. For example, a flat (which may not have outdoor space) is the minimum acceptable standard for a family in London, whereas a house is the minimum in the rest of the UK. For a single person to reach the Minimum Income Standard in Outer London they would need to earn at least £20,600 if they were sharing a flat; if they lived in a rented (lower quarterly rent) studio flat it would be £25,691. The equivalent for Inner London is £21,700 in shared accommodation and £29,633 living in a studio.
