A pint of lager in Sheffield costs just £3 on average - leaving the city as the second cheapest place in the UK to have a pint.
But the city has less pubs per person than anywhere else in Britain, according to the study.
Liverpool, where drinkers fork out £2.90 for a tipple, was top of the list - almost £1.60 less than Londoners who are forced to pay £4.50.
Highlighting London's poor ranking in the study, Gareth Brown, marketing manager at Thames cruise liner bateaux London, who commissioned the study, reportedly said: "Cities like Sheffield. Brighton, Liverpool, and York are growing into real drinking hot spots for the average beer drinker.
“And each of these cities are now seeing many microbreweries and craft pubs opening up.
“While London didn’t perhaps perform as well as we expected in the data, the city still boasts the greatest variety of pub and entertainment offerings in the UK."
According to reports, The Rake pub in London Bridge has been selling a pint for a whopping £13.40.
But operators insisted the price was only for the speciality beer, Cloudwater’s North West Double IPA, which had to be ordered through a distributor.
Edinburgh, Brighton and Oxford are among the most expensive locations, with customers paying just over £4.
But even though Brighton lager fans fork out £4.25 for a pint, the area has the highest pub-to-population ratio in the UK.
The study shows there is one bar per every 861 people while Sheffield ranks the lowest with just one pub for every 2,793 people.