Research reveals students’ cost of living in London

Analysis from the National Student Accommodation Survey 2022 reveals the overall cost of living for students living in London.

Research analysis by MoneyTransfers.com reveals students’ cost of living in London | PBSA News

London was recently revealed as the best city in the world for international students to study – and took the top spot for 2023. However, year on year, the Capital scored poorly on affordability. The cost of living crisis is a pressing issue for students who rely on predetermined student loans to pay for their livelihood whilst studying. It is especially concerning for students studying in London – due to it being the most expensive place to live in the UK.

The National Student Accommodation Survey 2022 revealed data on the average spend on living costs across the 1,200 respondents surveyed, from multiple universities across the UK. MoneyTransfers.com conducted an analysis of the ten universities based in London, and what the overall cost of living is for students living in the capital – and found the average to be around £1,300 per month.

The analysis showed that the average total spend – excluding accommodation – was £338.50 per month, with an additional £185 per week or around £505.50 per month spent on rent. Including accommodation costs, LSE recommends £1,200 to £1,300 per month is required, whilst the London Metropolitan University recommends over £1,300.

However, the NatWest Student Living Index shows the average total spend for students living in the capital in 2022 is £996.73 per month, which reveals a considerable drop compared to other years.

Key takeaways from the student research

  • The average cost of living in London is currently £1,130 a month.
  • International students require a minimum of £16,008 in their bank account for each year they stay and study in London.
  • London student accommodation costs on average £50.10 per week more than the national average.

“The figures show that undoubtedly, the housing crisis in the UK is contributing most to the high cost of living for students in London. The choice between expensive university accommodation or cheaper private rentals, but the additional cost of household bills isn’t an easy one, and many students are certainly suffering because of it. Outside of accommodation, the latest data suggests that London’s students are financially savvy about where their money goes and are making the most of the limited budget in one of the most expensive cities in the world.”

Johnathon Merry, CEO, MoneyTransfers.com