Overview

• Lloyds compared average rents with typical first‑time buyer mortgage payments across 11 major cities and found buyers come out ahead in nine.
• Glasgow shows the largest gap, with mortgage payments about 31.7% lower than rents, a saving of roughly £396 per month or £4,752 a year.
• Manchester buyers could save about 11.6% or £153 per month, while Newcastle ranks second for savings at roughly 19.5% or £217 per month.
• Cardiff and Sheffield are the only cities where renting works out marginally cheaper in the short term, at about £11 and £52 per month respectively.
• Results use ONS data and assume a 5% deposit, a 4.78% five‑year fixed rate, and a 30‑year term; London was excluded and ownership costs like fees and maintenance were not included, with Lloyds urging buyers to seek advice.