Overview
- Glasgow shows the biggest gap, with estimated mortgage payments about 32% lower than rent, a potential saving of £396 a month.
- Across the cities studied, media summaries report an average saving of roughly 17% or about £225 per month, equivalent to around £2,700 a year.
- Cardiff and Sheffield are the exceptions where renting comes out slightly cheaper in the short term, according to the bank’s calculations.
- Lloyds based its figures on ONS data for typical first‑time buyer prices and rents, assuming a 30‑year repayment term, and excluded legal fees and ongoing ownership costs.
- London was left out due to different affordability dynamics, and Lloyds urges prospective buyers to factor in upfront costs and seek mortgage advice as rising rents reshape choices.