London Falls Behind New York and Hong Kong in Most Expensive City Rankings

London has been knocked from its perch as the world’s most expensive city to live and work in after Britain’s vote to leave the European Union.

The U.K. capital is now third behind New York and Hong Kong, according to research on global cities from property broker Savills . The research examines the costs for an employee to live in rented housing and work in an office for a year.

London had spent the last 2½ years at the top. But it fell in July because of the drop in sterling against the dollar and cooling U.K. real-estate markets, both of which accelerated after the EU referendum in June.