Cost of living in London as a student

CONTENTS

1. Living in London

2. Cost of living crisis

3. Student accommodation costs

4. Getting around

5. Student living costs in London

Living in London 

As the home of many internationally renowned universities, London welcomes hundreds of thousands of students each year. While the capital has a lot going for it, the higher cost of living can put some students off.

However, through careful planning and strict budgeting, you can still enjoy a fulfilling university experience in one of the best cities in the world. Living in London can be affordable if you know how.

Cost of living crisis

The increased cost of living is causing real problems for students in the UK, making it harder for them to juggle their studies and financial responsibilities. With rising prices and stagnant wages, many students are struggling to cover the high costs of rent, food and course materials. It can also make it difficult to afford extracurricular activities and travel. These issues worsen in London because it’s a more expensive place to live anyway. In Save the Student's National Student Money Survey, 76% of students worried about making ends meet in 2025. And 83% reported that money worries affected other aspects of their wellbeing.

Student accommodation costs

Where you'll live should be one of your first considerations when you accept your place at a university. The cost of accommodation is higher in London. Unipol and the Higher Education Policy Institute found in 2024 that average student rents were higher than the maximum student loan. Rents at private halls increased by 18% in two years.

But the cost of housing in London varies depending on the area you choose. Furnished accommodation in an expensive area can cost around £2,500 per month, while a furnished studio flat in an average area could cost around £1,200 per month. 

Many of London’s top universities are in central London, so living in an average area can incur extra travel costs. It may be worth looking at university halls (at least for the first year). This will still be more expensive than other parts of the country at around £200 per week on average, but much cheaper than private rented accommodation.

Remember that you can apply for a maintenance loan to help you with these living costs. How much you get will depend on your household income. Due to London's inflated rent prices, students living away from home in London can borrow more money than others – though the amount they get will depend on the UK nation they are from.

Getting around

London caters very well for students in terms of discounts and special offers on public transport, with most favouring either buses or the London Underground.

You can register for a student Oyster card online to get a 30% discount on all your journeys throughout the year. To do so, you must be aged 18 or over, be living at a London address during term time, and provide proof of your university acceptance.

Oyster cards must be ‘touched in’ and ‘touched out’ at the beginning and end of each trip and can be topped up when necessary to ensure you have enough money to cover your journeys.

Of course, if you're living near your university, you can always walk or cycle in, even receiving a 25% student discount on London's hire bikes. You should be able to find this and many other discounted offers at your Freshers' week or on the NUS website. 

Student living costs in London

How much you spend on food, drinks and socialising is completely down to you, but to get the most out of your time and money, budgeting is important.

When you arrive at your accommodation, you should look around to find where you'll get the best value on your weekly shopping. Many of the cheaper supermarkets where you live will also be relatively cheaper in London, too.

As far as going out is concerned, as a general rule, things will get more expensive the closer you get to the city centre. A night out, or even going to the cinema, can get very pricey. So it’s your choice whether you want to have the occasional fancy evening in Central London, or opt for socialising more often but sticking to the cheaper areas.

Discount code websites and checking out city listings can help you find affordable and sometimes free nights out.