That dubious honor is starting to crumble – the city is slowly turning into a budget destination instead of a luxury destination.
UBS Bank used to rank London the most expensive city in the world – but it has now plummeted to the 21st spot. All in just one year. In the 2009 list, Oslo has been crowned the most expensive city in the world, followed by Zurich and Copenhagen.
It gets worse when you see the results from the Hotels.com Hotel Price Index. The “HPI” shows that hotels in London have become 25% cheaper compared to last years rates.
Combine this data with a weak Pound and cheap airfare, and London is suddenly more affordable than ever.
Now, before you pack your bags, a “cheaper” London still won’t mean you’ll be able to stay in the city for $100 (unless you like hostels). A decent hotel will still set you back about $250 a night, but when you realize that those same hotels were asking about $100 more just 12 months ago, you’ll realize that you may have some Pounds left to buy some tacky London souvenirs.