How much does student accommodation cost in London?

Over the years, London has become one of the most renowned educational destinations amongst locals and international students. With a rising number of top-ranked universities, renowned learning institutions, vibrant student life, and also a culturally diverse population, London has risen through the rank of cities where you can easily study abroad. London harbors a wide number of pros, but the main con for the students in a new city is the finances. As one of the most affluent cities in the world, the cost of living in London is much higher. So, before you head out to study abroad in this renowned city, let’s understand the cost of living in London as
a student. 

If you are looking for student accommodation London, then Camden, Bloomsbury, Waterloo, Westminster, Mayfair, Kensington, and other areas are some of the popular, affordable, and culturally varied. In London, you can come across some of the best accommodations equipped with first-rate facilities and community amenities. 

Cost of living in London 

The cost of living in London for students is expensive, and any frivolity in money management can have different consequences. This place is called a walking city because cab fares are high. London is an expensive city because it is the financial capital of the world. It has the headquarters of different major businesses. One of the reasons for London being the financial capital of the world is that its market captures both Eastern as well as western time zones. The thriving industry market and the number of people every year make the companies come to London. This increases the cost of properties in the city and the cost of living in London for the students.  With the increasing living cost in the UK, international students have to be mindful of their
expenses. As far as living expenses in the UK are concerned, these will cost will vary mostly depending on the lifestyle, spending habits as well as budget. The cost of living in the UK per month is given below. You can easily calculate your estimated costs based on how long you will be in the UK. The average cost of student accommodation in the UK is around £547 per month. London is an expensive city. The cost of living in London for Indian students is higher than in the
rest of the UK. 

Student accommodation costs 

Where you will live should be one of the first considerations when you accept your pace at the university. The cost of accommodation is quite high in London with the National Union of Students estimating an average increased rent spend of around £1,200 per year when compared to the other places in the UK. 

Many of London’s top-notch universities are in central London. So living in an average part can sustain extra travel costs. It may be worth looking at the university halls, at least for the first year. This will still be more expensive than the other parts of the country at £178 per week on average. 

Remember that you can apply for a maintenance loan to help you with such living costs. How much you get will completely depend on the household income. Due to London’s extravagant rent prices, students living away from home in London sometimes have to borrow money from others. These students can also borrow up to £12,382 in the academic year. 

Other major expenses 

Tuition Fees: As an international student in London, the tuition fees may different as per your chosen major and the type of degree. The average cost for pursuing undergraduate courses in London is about £10,000 - £30,000 per year for full-time. However, medical degrees are relatively more expensive. As for postgraduate degrees, which is a full-time master’s program that averages around £10,000 - £13,000 per year. Medical degrees start at around £22,200
and can go up to £58,000 per year.

Travel and Transportation: London is a big city with a wide range of means of transport. Whether it is to get from their university to their student accommodation. Students most commonly use the underground tube and the bus. Other available means of transport can comprise the slightly more expensive option of getting a cab or the cheaper option of cycling around the city. As per research and statistics, students in London spend around £43.30 per
month on public transport, or around £11 a week. 

In a nutshell

As exciting as it is to live and study in a place like London, one needs to consider the amount of money paid in the process. The cost of living in London is not exactly cheap or affordable but with a bit of planning, budgeting, as well as a bunch of savvy tricks, you can live here enjoyably and still save money in the process. Managing money is important. Learning a few hacks will be really beneficial.