{"id":3717,"date":"2024-03-01T19:35:44","date_gmt":"2024-03-01T19:35:44","guid":{"rendered":"https:\/\/www.travelcity.co.uk\/?p=3717"},"modified":"2024-03-14T19:43:40","modified_gmt":"2024-03-14T19:43:40","slug":"why-is-london-so-expensive","status":"publish","type":"post","link":"https:\/\/www.travelcity.co.uk\/uk\/london\/why-is-london-so-expensive","title":{"rendered":"Why Is London So Expensive? The High Cost Of Living In The UK’s Capital"},"content":{"rendered":"\n
London stands as one of the most desirable cities in the world, with its rich history, vibrant culture and significant economic opportunities. However, this popularity comes at a high cost. You may find that living expenses in London are steep compared to many other cities globally. The cost of housing, for instance, can be particularly shocking, with property prices and rent in certain boroughs<\/a> significantly exceeding national averages. It’s important to understand that these costs are driven by a complex set of factors that include high demand, limited supply, and the city’s status as a global financial hub.<\/p>\n\n\n\n London’s economy has developed robustly since the Roman period, with trade and finance being central pillars. From 1831 to 1925, it was the world\u2019s largest city and a dominant global financial centre. The concentration of financial institutions, such as The Bank of England and The London Stock Exchange, has historically driven high demand for land and property, pushing up costs.<\/p>\n\n\n\n London’s population saw a rapid increase from the 16th century onwards, influenced greatly during the Industrial Revolution. The 1801 Census<\/a> recorded approximately 1 million residents; this number swelled to over 6.7 million by 1901. As you can imagine, this growth has perpetually strained housing supplies, making residential space particularly valuable.<\/p>\n\n\n\nHas London Always Been An Expensive City?<\/h2>\n\n\n\n
Historical Population Growth<\/h3>\n\n\n\n