How Much Does It Cost to Live in the UK in 2024?

Housing costs in the UK

No matter where you choose to live, one of your most significant ongoing expenses will be housing prices. The average housing prices in the UK have continued to rise since 2016. In July 2023, the average price for a home was £289,824.00, compared to £288,156.00 in July 2022, according to UK house price statistics. 

If you’re looking to save money, having knowledge about the UK’s housing market is key.

Cost of rent in the UK

Numbeo (Sept 2023) & Numbeo by city (Sept 2023)

Cost of buying a property in the UK

Office for National Statistics (Apr 2023) & UK house price statistics (Jul 2023)

Utility costs in the UK: Internet, electricity and water

Utility costs in the UK vary based on factors like location and property size. Households typically spend a significant portion of their budget on electricity, gas, water, and sometimes internet and TV. 

Energy-saving measures and green energy options are becoming popular to reduce expenses and environmental impact.

Numbeo (Sept 2023)

What is the average monthly cost of utilities in the UK?

The average monthly cost of utilities in the UK is £242.85.

Grocery costs in the UK 

In the UK, grocery prices have been on the rise, with an inflation rate of 13.6% for food and non-alcoholic items in August 2023, as reported by the Office for National Statistics. 

Across the country, there’s a range of supermarket options, from upscale to budget-friendly choices such as Aldi, Tesco, Sainsbury’s, Asda, and Lidl. As costs continue to climb, managing your budget is increasingly important for UK residents.

Numbeo (Sept 2023)

What is the average monthly cost of groceries in the UK?

The average monthly cost of groceries in the UK is £195.52.

Public transit in the UK

Public transport in the UK plays an important role in daily life, offering an extensive and efficient network of buses, trams, trains, and the iconic London Underground. Its affordability and reliability are especially vital for students, helping them navigate the h62.61igh cost of living in the UK. 

Notably, trains are the predominant mode of mass transit, overseen by National Rail, connecting England, Scotland, and Wales, facilitating both long-distance and regional travel needs.

Numbeo (Sept 2023) & Numbeo by city (Sept 2023)

What is the average fare for a monthly public transit pass in the UK?

The average fare for a monthly public transit pass in the UK is £68.26.

Entertainment costs in the UK

The United Kingdom is a hub for foodies and music lovers, but it’s the iconic West End theater district in London that sets it apart. Featuring renowned venues like the Royal Opera House and the National Theatre, it offers a diverse and vibrant theater culture that’s a distinctive part of UK entertainment.

Numbeo (Sept 2023)

Sales tax in the UK

VAT rates for goods and services in the UK vary, with a standard rate of 20% applying to most goods and services. However, there is a reduced rate of 5% that covers specific items like children’s car seats and home energy. Additionally, certain essential items, such as most food and children’s clothes, fall under the zero rate, meaning they are exempt from VAT at a 0% rate.

Certain items, such as postage stamps and financial/property transactions, are VAT-exempt.

Government of the UK (2023)

Healthcare costs in the UK

The UK offers universal healthcare through the National Health Service (NHS), which covers all medical services at no cost for eligible citizens and residents, including ambulance rides, surgeries, and medications. 

Foreign residents can access NHS healthcare by obtaining an NHS number, often necessary for appointments with a General Practitioner (GP) who acts as the primary care provider and the gateway to specialist care.

Also, private insurance options are available for faster access, the choice of specialists, and better amenities, even for elective hospital procedures, and can be obtained through employers or individually.

Numbeo (Sept 2023), NimbleFins (Jan 2023), & My Tribe Insurance (Sep 2023)

What is the average monthly cost of employee-sponsored health insurance in the UK?

The monthly cost of employee-sponsored health insurance in the UK is £45.00.

Conclusion

Relocating within the UK can be a seamless experience when planned correctly, ensuring a smooth transition to your new home. 

Understanding the cost of living in its main cities is crucial, as is doing research in advance about the best removal companies in London or removal companies in Manchester.

It’s a good idea to know how much things usually cost, which you can see in the table below.