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Urban Land Institute: London is too expensive
London has become an "exceptionally expensive" city in which to live, the Urban Land Institute said yesterday.
President at the research organisation William Kistler pointed out that prices in the capital were three times that of other European cities.
The comments follow the publication of research from Swiss bank UBS, which found that London had the highest living costs of 71 global cities surveyed.
Mr Kistler said: "London, relative to other markets in Europe, has become exceptionally expensive - it is three times other European capitals, both to acquire assets as well as the rental costs that underlie those prices."
Britain's economic slowdown in the wake of the credit crunch has also been noted by the Urban Land Institute.
"The differential means that London had appreciated to a point that, frankly, was unsustainable," Mr Kistler added.
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