London has plummeted down the global cost of living rankings, as the weakened pound has made things that little bit cheaper in comparison with its international peers.
The UK capital fell from 17th to 30th place in Mercer’s 2017 worldwide survey of 209 cities released today.
British cities were among some of the largest fallers on the survey. Aberdeen sunk 61 places to 146th, a fall only beaten by Cairo. Birmingham dropped 51 places, Glasgow 42 positions and Belfast was 36 spots lower compared with 2016.
The world’s costliest city, driven by cost of goods and security, was Angolan capital Luanda. It replaced Hong Kong on the top spot, which fell back to second place. Tokyo, Zurich and Singapore rounded off the top five.
“UK cities have fallen again this year as the British pound weakened before, and after, the EU referendum last summer,” said Kate Fitzpatrick, Mercer’s global mobility practice leader for the UK and Ireland.
However, London did not drop as far as may be expected, with steep prices keeping London as one of the most expensive cities for expatriates worldwide. The capital’s rental costs remain at the higher end globally and have remained stable, or increased slightly over the last year as construction cannot keep up with demand.