In the latest episode of “Hey, Didn’t You Know London Was Expensive?” we learn that London’s house prices are in fact 353% higher than the UK average.
It’s no news that living in London is more expensive than living anywhere else in the UK—and in fact anywhere else in Europe—but new research has revealed just how bad it really is.
The team at Imovirtual, a Portuguese property website, decided to look into the cost of buying and renting in capital cities compared to elsewhere in the same country.
When looking at house prices per square metre, they found that, on average, the price per square metre of property in European capitals is 115% higher than the country average. London, however, is a whopping 353.85% higher than the UK average. Eeesh.
That said, it’s still not the biggest jump for a European city. House prices in Moscow are—unbelievably—446.42% higher than the rest of Russia. Double eeesh.
When it comes to rent prices, which are based on the average cost of monthly rent for 1 and 3 bedroom flats, London yet again has one of the biggest increases when compared to the UK average. While the average cost of renting in the UK is £750.38, the average cost of renting in London is £2483.13 – meaning prices are 230% higher than the rest of the country.
To check out the full list of price comparisons across Europe, head to Imovirtual’s website.
Also published on Medium.