London is world’s most expensive city to live and work

Feeling the pinch? It’s getting very pinchy in London

London money hand cash

A hundred quid? That’s not going to get you very far

There’s a pretty solid reason why you may be feeling the pinch in London at the moment, and that is because the capital is the world’s most expensive city in which to live and work.

Londoners are bleeding funds into the exorbitant rental market, and house-buying is just a ludicrous joke now.

According to a study by estate agents Savills, the bank account-ravaging cost of accommodation for the average Londoner – calculated as a total of housing and office rental costs – now comes to a jaw dropping £80,700 a year.

London is now 18% more expensive than it was just five years ago, and it has been sitting at the top of global rankings of exorbitant cities since then.

Sydney and LA are less than half as expensive as London.

Savills’ list is primarily compiled as an indicator for companies on how expensive it is to locate their businesses in particular cities – hence the combined calculation of rent and office space.

Savills’ head of world research Yolande Barnes said: “The productivity of cities and their value to global businesses clearly has a pronounced effect on demand and hence rental costs.

“The highest ranking global cities, London and New York, are also the most expensive for businesses and workers to occupy.”

She added: “However, world cities can become a victim of their own success when rents rise to the point where affordability becomes an issue.”

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