Cost of living in London for students
London is one of the most exciting cities in the world to study in, but it's essential to understand the cost of living in London to manage your budget effectively.
Living in London at an iQ location not only places you in prime areas like Shoreditch, Hoxton, and Bloomsbury but can also help you save on living costs, so you can focus on your studies and fully enjoy everything the city has to offer.
From housing costs to average food price per month, we'll break down everything you need to know about student living expenses in London.
Average student living expenses in London
If you’ve been wondering, "How much does it cost to live in London?", the answer depends on various factors such as rent, transport and daily expenses.
According to the London School of Economics, the average cost of living in London for students is pricier than most other UK cities. Your expenses can range from £1,200 to £1,500 per month, which includes things such as housing, food, transportation and entertainment.
Although the London price of living is high, smart budgeting could help you keep your expenses under control. Keep reading to learn some great budgeting tips.
Housing and accommodation costs
Housing is the biggest part of life expenses in London. When selecting your accommodation option, it’s important to balance your needs with your budget.
The Complete University Guide has a good outline of some expected average London living costs.
- University halls: £500–£1,000 per month (convenient but not always cheap)
- Private rentals: £700–£1,200 per month
- Shared flats: £500–£800 per month
Living further from the city centre can lower your living expenses in the UK generally, but you may need to consider greater travel costs. We have several accommodation options in London that are conveniently located for easy travel.
Food and grocery costs
It’s no secret that the cost of food in London is pretty high, especially if you enjoy dining out. The average food price per month can vary slightly depending on your preferences. For example, groceries can range between £150 and £250 per month (supermarkets like Aldi and Lidl are the best places to get good bargains), and you can expect to pay up to £40 for a restaurant meal in London.
One of the best ways to save money on food is to limit how often you eat out and meal prep at home. Keep your eye out for student discounts as well.
London transport and student discounts
Transportation is another important thing to factor in when budgeting for London living costs. You can expect to pay between £60 to £120 on London travel (depending on which zones you’re travelling in).
What’s great about living in London is that you have access to the London Underground, which is fast and relatively cheap. You can also take advantage of London’s bicycle lanes.
If you travel in and around London on certain national railway networks, you will pay a little more but can benefit from student discounts.
Getting a student railcard is the best thing you can do to save money on travelling. In fact, a student Oyster card provides 30% off train tickets and bus passes. Read our student railcard guide for all the details on getting bang for your buck when travelling in London as a student.
Entertainment and social life costs
London offers endless entertainment, but the cost of living in London for students can be steep if you don’t plan your social activities wisely. On average, you can expect to spend £8 to £15 on cinema tickets and attending small live music events could put you back around £10 to £30 per entry.
If you’re looking for fun things to do in London, take advantage of all the free things the city has on offer first such as exploring local parks, museums and galleries which often have free entry.
Budgeting tips for students in London
We know budgeting can be daunting for students but it’s a life skill worth mastering. Use these budgeting tips to save yourself the fuss over hefty London prices.
- Create a detailed budget to track your spending and saving
- Take advantage of student discount apps like StudentBeans and UNiDAYS
- Don’t be afraid of thrifting clothes and accessories (it’s really good for the environment)
- Opt for cooking and eating at home instead of at restaurants
FAQs about the cost of living in London
How can I find affordable entertainment options as a student in London?
Look for free or discounted events at local museums, galleries, and student-friendly pubs. Alternatively, scroll through websites like Time Out, Groupon and Eventbrite which all offer really good deals on event tickets.
What’s the difference in cost of living between London and other cities in the UK?
The London price of living is significantly higher due to limited accommodation and expensive transportation. For example, the cost of living in Manchester (including rent) is 33% lower than in London. If you decide to stay in Birmingham, the cost of living is 38.7% lower than in London.
Living in London as a student can be an exciting experience, but planning your budget is essential to not breaking the bank. One way to manage your expenses is by choosing an affordable, student-friendly accommodation like iQ.
Our purpose-built accommodation in London offers benefits like fun social spaces and all-inclusive bills. We also have three room types: apartments, en suites, and studios. Explore our website to find available rooms or chat with our friendly team.
