London is the second most expensive place in the world to rent residential property according to a study of 71 of the world’s largest cities.
New York was found to be the most expensive according to the research carried out by banking group UBS which looked at wages, costs and purchasing powers.
New York follows London as the most expensive place to live including rent which makes up around a fourth of living expenses in a Western European household.
The two cities beat Oslo, Tokyo and Zurich, ranked third, fourth and fifth, by a wide margin.
Excluding rent, the costliest cities were Oslo, London, Copenhagen, Zurich, Tokyo and Geneva.
Accommodation in London and New York was also found to be least double what it costs in most comparable cities.
The research, which is carried out every three years, also found London as the most expensive for taxis, trains and restaurants, although it was revealed to be relatively cheap for food and clothing.
References: EGi News 10/08/06
