A recent article from The York Press stated that there are no affordable homes for first-time buyers in York. Whilst this is worrying for future generations, we thought it would be interesting to compare the cost of living between York and London.
York vs. London
First and foremost, York is an incredible place to live for all walks of life – no matter your age. This statement can be backed up with plentiful awards and recognitions that the city has received – most recently being voted as the North of England’s best place to live in 2019’s Sunday Times Best Places to Live guide, following on from 2018 in which York was crowned as Britain’s best place to live in the same guide.
Unfortunately, with that level of recognition comes an influx in tourism and desire to live in the city, meaning that the cost of living in York has been rapidly increasing over the past few years. Many comparisons are often made in relation to the cost of living in York being ‘almost as bad as London’, but the following report reveals the true reality.
A comparison overview reveals that in London, £4640.50 would be required to maintain the same lifestyle as can be achieved in York for £2,9000 – these figures assume that in each city you would be renting a property.
Housing Prices
One of the biggest differences between York and London is the cost of housing, with some aspects of the property market being up to 200% more expensive in London.
In terms of renting, two categories of property have been looked into – 1-bedroom properties in and out of the city centre, and also 3-bedroom properties in and out of the city centre.
In York City centre, a 1-bed property costs an average of £731pcm whereas in Central London it costs an average of £1685pcm. Moving out of the city centre, the cost is slightly less with a 1-bed property costing an average of £617pcm in York in comparison to an average cost of £1183pcm in London.
Looking at larger properties, the percentage increase in price difference is even higher. In York City centre, a 3-bed property costs an average of £1200pcm, with the same in Central London costing an average of £3200pcm. Outside of the city centre is once again slightly less expensive in both cities, with a 3-bed property costing an average of £963pcm in York whereas the same property in London costs £1993pcm.
The cost comparison of purchasing in both cities looks at the cost of property per square metre, both in and out of the city centre. In York City centre, the price per square meter of a property is an average of £4250, whereas in Central London the average price is £13,067. Outside the city is considerably cheaper, although London (average £7202 per square metre) is still far more expensive than York (average £2950 per square meter)
Transportation
It’s difficult to compare transportation between the cities, as London is far more advanced in terms of transportation options, with the likes of the famous underground system. London is also a far more congested city, so naturally a taxi journey, for example, would cost more than in York. This has obviously been taken into consideration, as the average starting tariff in a London taxi is £5, whereas in York the average starting tariff is £2.95.
In terms of public transport, a single journey in York costs an average of £2.45 which is only slightly less than London’s average of £2.50, however when comparing a monthly pass, the difference is rather significant. A monthly pass in York costs an average of £45, whereas in London the average cost is £150 – over 3 times more expensive!
Eating Out
Both cities have amazing dining offerings, with everything from delicious street food, to Michelin star taster menus and of course everyone’s favourite chain restaurants. York once again proves to be the cheaper option – a meal at an inexpensive restaurant costs an average of £10.50 per head (inconsiderate of drinks), whereas in London the average cost is £15. Looking at a 3-course meal in a mid-range restaurant, the cost difference isn’t quite as severe. In York, the average cost for 2 people is £40, whereas in London the average cost is £55.
In regard to drinks, no matter your choice of tipple, in London you can expect to pay more. The average price of a pint of domestic lager in York is £3.45, in comparison to London’s average of £5. A regular cappuccino in York will set you back an average of £2.30, whereas the average in London is £2.79. Even water is more expensive! In York you can expect to pay an average of 77p for a bottle, with the average price in London being £1.08.
Salaries
Perhaps the most surprising factor (or perhaps unsurprising) is the difference in salaries. Considering that £4640.50 would be required to maintain the same lifestyle as can be achieved in York for £2,9000, the salaries do not reflect this. Neither city’s average salary is equal to the aforementioned figures, but the average salary in York is far more realistic in terms of being able to afford to live comfortably. Despite the inflated cost of just about everything in London, the average monthly salary (after tax) £2320.40 – this is only marginally more than the average in York, which is £1950.
Summary
To summarise, there are plentiful advantages to living in both cities, but personally we feel that in consideration of living costs, York comes out on top hands down. Financial incentives aren’t the only reason behind this opinion – our York Area Guide paints a picture of why we think York is the best city in the world to live in.
Looking to relocate to York? Feel free to give us a call on 01904 231022 for advice on anything from the best areas to live, to the best pubs and beyond!
*Data is based on estimates and has been taken from Numeo – the world’s largest database of user contributed data about cities and countries worldwide.
