London is one of the most expensive cities in the world to live in, according to estate agent Savills.
The capital even beats prominent cities such as New York and Hong Kong when it comes to the price of living and working, according to Savills’ research.
The research compared the annual cost of renting of both residential and office accommodation, compared to the amount of people living in each of the cities under scrutiny.
Since June 2014, it is reported, London has held the title of the world’s most expensive city, judged by this method.
On average, the accommodation cost per worker per year in cities across the globe was £40,641.
London costs £80,777.
This is almost double other English speaking cities such as Sydney, Chicago, and Los Angeles. Rio de Janeiro dropped year on year by 9 per cent, and costs a mere fraction of what London does.
“World cities can become a victim of their own success when rents rise to the point where affordability becomes an issue,” said the head of Savills world research Yolande Barnes. Indeed, this research indicates that London truly has become a victim of itself, with a hostile property market which is stopping people from moving into or owning property in the capital.
