Overview

• Across 11 major cities, typical monthly mortgage payments came out lower than rents in nine locations on Lloyds’ calculations.
• The bank reports an average saving of about 17%, or roughly £225 per month equating to £2,700 a year.
• Glasgow shows the largest gap with mortgages around 32% cheaper than rent, saving about £396 a month, with Newcastle next at roughly 20% and £217.
• Cardiff and Sheffield were the only cities where renting was marginally cheaper in the short term on the study’s figures.
• London was excluded due to different affordability dynamics, and Lloyds urges prospective buyers to consider deposits, legal and moving costs, and to seek advice as rents have risen sharply over the past two years.