London is the city of many “mosts”: it's one of the most expensive, most desirable, most popular-for-work, most visited, and most innovative cities in the world. It’s the largest technology hub in the UK and one of the largest globally. This city offers the highest IT salaries in the country and most job opportunities.
IT salaries
London offers the highest IT salary in the UK averaging at £61,800 per year (£5,150 per month). However, tech specialists’ remuneration may vary significantly depending on specialization and experience.
Average IT salaries in London depending on the specialization (GBP, before taxes, per year / per month):
- Software developer: 46,400 / 3,870
- Back-end developer: 54,090 / 4,510
- Front-end developer: 43,540 / 3,630
- Full-stack developer: 56,070 / 4,670
- DevOps engineer: 54,670 / 4,555
- Database administrator: 44,450 / 3,700
- Web designer: 30,410 / 2,530
- System administrator: 38,860 / 3,240
- IT project manager: 55,500 / 4,625
- QA engineer: 40,580 / 3,380
- Technical writer: 39,980 / 3,330
- Security analyst: 42,230 / 3,520
Economy
London produces almost one-fourth of the United Kingdom’s GDP. It’s a major financial, manufacturing, business, culture and education center of the country and the world.
The unemployment rate in London is 4.3% — a little higher than the national average of 3.8%.
Important economic sectors in London include:
- Commerce
- Construction
- Fashion
- Finance
- Health care
- IT
- Manufacturing
- Media
- Professional services
- Research and development (R&D)
- Tourism
- Transportation
London has been named the top city in the Tech Cities of the Future 2020/21 report by The Next Web and FDI Intelligence. The UK capital has taken first place in five out of six categories: innovation and attractiveness, economic potential, FDI (foreign direct investment) performance, and start-up environment.
Between 2015 and 2019, FDI in the software and IT services and communications sectors made up about 50% of London’s total inward FDI.
According to Tech Nation, there are over 300,000 tech jobs and over 7,680 start-ups in London. The popular tech industries include eCommerce and FinTech. Figures from Dun & Bradstreet show the city boasts more than 70,000 companies in software and IT services, 5,000 in communications and almost 4,000 in research and development. A great number of technology firms are based in East London Tech City also known as Silicon Roundabout.
The largest and most popular technology companies present in the UK capital include the following:
- Amazon
- Apple
- BenevolentAI
- Blippar
- Cisco
- Deliveroo
- Facebook
- Funding Circle
- Google
- IBM
- Intel
- Last.fm
- Microsoft
- Rightmove
- Shazam
- Snap
- Stack Exchange
- TransferWise
- Twitter
London is also home to more than a third of Europe’s tech unicorns ($1billion valued businesses). According to data compiled by London & Partners, the UK capital is producing more unicorn tech companies than any other European city. These companies include Monzo, Revolut, Deliveroo and Farfetch.
In addition, London is a hotbed for innovation, with more than 5,000 patents in software and more than 100 in artificial intelligence registered in the city between 2003 and 2019.
Cost of living
London is one of the world’s top 10 most expensive cities and it has some of the highest real estate prices globally.
The average monthly costs without rent in London are £825 for a single person and £2,930 for a four-person family.
Here are examples of the average prices in London (GBP):
- Meal at McDonald’s: 5 – 8.5
- Meal at another inexpensive restaurant: 10–30
- Average food basket (milk, bread, eggs, cheese, chicken, apples, potatoes, water, beer): 24
- Monthly fee at a fitness club: 20–80
- Monthly pass: 130–220
- Monthly rent (1 bedroom): 1,000 – 2,500
- Monthly rent (3 bedrooms): 1,600 – 5,000
- Property prices per square meter: 5,000 –16,000
- Utilities: 100–300 per month
Travel
London is served by six international airports: Heathrow (the busiest one), Gatwick (the main base of easyJet), Stansted (the main base of Ryanair), Luton, London City, and Southend. There are hundreds of direct and indirect flights from London to many destinations across the world. You can travel from the UK capital to literally anywhere.
Entertainment
According to Samuel Johnson, an English writer of the 18th century, “when a man is tired of London, he is tired of life; for there is in London all that life can afford”.
The United Kingdom’s capital city has plenty of bars, restaurants, clubs, specialty shops, libraries, theaters, art galleries, museums, and parks. And London’s landmarks are on everyone’s lips, including four World Heritage Sites (the Tower of London; Kew Gardens; the site comprising the Palace of Westminster, Westminster Abbey, and St Margaret's Church), Buckingham Palace, the London Eye, Piccadilly Circus, The Shard, St Paul's Cathedral, Tower Bridge, and Trafalgar Square.
Additionally, London holds major annual events, such as the New Year’s Day Parade at the London Eye and the Notting Hill Carnival held each year in August.