Cost of living in the UK.?

Question

We are a couple living in the US planning to move to London and we would appreciate your sharing what you know about the cost of living. We don't have a child yet but we plan to have one. We would like to know all the monthly expenses such as income tax, council tax, other taxes, transportation, retirement, baby sitter, other baby expenses and any other thing that we should use to consider this option.
In case you are wondering we have both master's degrees and working permit for the UK.
THANKS A LOT!

Answer 1

I am Irish, educated in Ireland, the UK, and the US. I have lived and worked all over the world (44 countries, so far), and I am now living back in Italy (my wife is Italian). Plus, I have just returned from London after the Christmas holidays, staying there with my brother and his family. (Phew!)

Your question has no answer, I am afraid to say. Firstly, you must know that London is the biggest city in Europe, so, it all depends where you live. Find that out, and we could help you more.

However, I will say this. If you want to love IN London itself, you would jointly need to be earning in excess of £100,000 a year to have a reasonable (yes, reasonable) standard of living.

One hour's travel time out of the city, make it £75,000. More than one hour, then around £50,000.

London is very very very expensive. Be prepared, It is NOT the US.

Answer 2

Living in the UK is expensive. What will cost a dollar in the USA will cost you two in the UK!! Gas(petrol) is about 4x as much and is sold by the litre. Cars usually come with the job if you have a job that needs one. Most people who work in London commute by train and live way out in other cities. (one buys a season pass at a reduced rate). People use public transport much more in the UK than they do here. Also you need a permit to drive in central London which is also very expensive. (better to use the tube, bus or taxi)

Taxes are about the same for median income levels. Generally incomes are lower in the UK job for job. High paying jobs are taxed more than they are in the US. Example. if you earn say $100K in the US you'll need Pounds120K to live at the same level. But on the lower end if you make $40K here, then Pounds 35-40K in the UK is about right. but at that lower level rent will be the major factor.


Home prices are about the same, but you get less space for your money. Just like over here its all about location.

I believe one has to live in the UK for 3 months (as a resident) before you are eligible for state medical insurance.

Answer 3

I have been living in London since March 2006 and i can say London can be a beautiful and eventful city. In terms of cost the U.K has the most expensive public transport in Europe, the most expensive fuel costs in western Europe and the 2nd most expensive housing market in Europe after Luxemburg, rental prices can vary, but the retail market is very competitive and can be cheap. It all depends on your standard of living and what you want it to be. I would recommend London personally , i believe it deserve's a chance.