Water service in the U.K. always used to be unmetered, but in recent years the local utilities have started installing meters for all new services. The meter itself is generally located below grade level with the main shut-off valve. If it isn't too deep, it's read by just lifting the access cover and peering down the hole, but in other cases they use a remote readout.
The utilities will also convert existing services to meters if requested, and at least in my area (Anglian Water) they will swap you back to unmetered service after a year if you find it works out more expensive.
I'm still on unmetered service, and pay a flat rate of £120 (about U.S. $200) per year. Sewerage charges are actually more expensive, at £160 per year!
Old terrace houses all have their meters located right beside the "fanlight" (window over the halldoor) so in a lot of cases they can be read thru the window. However many customers have decided that this arrangement is ugly and put a cupboard around the meter.
You'll see that in many old British terraced houses as well, although in some cases the meter board is located just above floor level.
In Pre WW II houses it's quite common to find the meter/s and a big diazed panel under the stairs.
This is also what most perople what probably consider to be the "standard" location for 1930s houses in the U.K. as well, although without Diazed of course. The meters and fuseboxes were often buried behind a pile of junk that finds its way into those under-stair cupboards.
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