London climbs up cost table

Posted: 18 Jun 2007 10:51:33 GMT

London is one of the world's most expensive cities thanks to its property market, a new report has revealed.

London is one of the world's most expensive cities thanks to its property market, a new report has revealed.

The latest Mercer's Cost of Living Survey has revealed that the British capital is second only to Moscow in terms of the cost of living, with soaring house prices one of the main reasons for the position.

According to the research, the rocketing property prices seen in London over the past 12 months have helped to increase the cost of living in the city significantly, while the high house prices are now beginning to filter into the rental market as well.

It now costs an average of £2,000 a month to rent a luxury two bedroom apartment in London, which is twice the amount it costs to rent a similar place in Rome.

However, Moscow remains the most expensive place to buy or rent a property, with figures showing that it costs on average £57 more to rent in the Russian capital than it does in London.


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