Yup. Although I would note that there are also cheaper UK cities! Consider Liverpool or Bristol, for example.
This is unusual, because typically you pay a premium for working in the capital of the nation. In Berlin, that is explained by the history (West Berlin was an enclave within DDR and the capital of BRD was in Bonn; Berlin was subsidized and had lots of relatively cheap housing which is not yet fully priced up 25 years after German unification).
I guess it works better for pure internet companies that sell directly to consumers.