When you are starting to plan your relocation to London you need to have a good idea of what your monthly expenses could be in the first few months after you arrive. An international relocation is quite different to making a move within your home country. There are additional expenses that can take a substantial chunk out of your finances. You need to think about approaching your employer for a specific relocation jobs allowance to help you get settled.
Relocation to London – Comparing the cost of living
You can get a general comparison of the cost of living between different cities at Numbeo, and you’ll notice that while London is a bit lower than say, New York or even Sydney, if you’re moving from a smaller town and not getting any increase in your salary, you may struggle to make ends meet, especially in the first couple of months.
When you speak to your London relocation agents, get a quote on what you will be expected to pay when you sign the lease on your new home. You cannot make a direct comparison between rentals in New York and the equivalent in London because you might be expected to pay a holding deposit and a month’s rental in advance on top of your first month’s rental. You will also have to pay additional fees to get your utilities ‘turned on’, and pay an amount towards your council tax.
Relocation to London – Expenses you can expect in the First Month
- Double rental and perhaps a deposit. The best way to minimize your initial rental outlay is to source your accommodation through a reputable London relocation services agent. They really do understand the challenge of an international relocation and will make sure you know upfront what your costs will be.
- Council tax: You will have to register at the council and make arrangements to pay your yearly tax amount by direct debit order.
- Utilities: Your water, gas and electricity all may require a deposit to get them turned on and registered in your name.
- Television Licence: If you have a television, even if you only watch TV via your computer, you have to pay an annual TV licence.
- Internet connection/Telephone: You will have to pay to get connected to the World Wide Web and the world at large.
You will only be able to organize many of these expenses and bills if you have a UK bank account, so talk to your relocation agent about getting a bank account set up for you even before you arrive.