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London is no longer the most expensive city in the world

Written by
Kyra Hanson

Though your bank balance might disagree, London is now no longer the priciest city to live and work in, and it's all thanks to Brexit.  

Great, you might be thinking, now I might be able to afford a night out that doesn't involve a Wetherspoons and maybe my pay cheque won't be swallowed whole by my rent bill. Well, not so fast. Because you'll still need to shell out £71,000 per year on accommodation costs, making it the third most expensive city after Hong Kong (£85,000) and New York (£90,700). This is still ten percent cheaper than in 2008, though.

The research comes from estate agents Savills, which put the drop in prices down to the reduction in the value of the pound after the Brexit vote. But the list has also given us some food for thought. Those planning a mass post-Brexit exodus might consider upping sticks and moving to Rio de Janeiro instead, the cheapest option at about £15,000. Or the very affordable Berlin, where you only need around £23,000 to live.

Photo: George/Flickr.

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