This is the only major city in the UK where it's cheaper to rent than buy

Natalie Cornish
Photo credit: Andy Sage / EyeEm - Getty Images

From House Beautiful

Bristol is the only major city in Britain where it's cheaper to rent than buy, according to a new study.

Researchers compared the average monthly rent and mortgage costs in the UK's 10 biggest cities to work out the discrepancy between the two for a new study commissioned by My Voucher Codes.

And the city in the south of England was the only one where renters come out on top, saving themselves £272, on average, every month compared to homeowners.

On the flip side, homeowners in Edinburgh and Manchester are much better off than tenants. Those paying mortgages in Scotland's capital shell out approx. £336 less than renters in the city every month, while in Manchester buyers save themselves approx. £242.

Photo credit: Alexander Spatari - Getty Images

The city with the smallest discrepancy is Liverpool, where average monthly rent is £692 compared to a monthly mortgage repayment of £684. That's a saving of just £8 for homeowners.

London wasn't far behind with just £11 difference between the two, although both monthly rental and mortgage payments are the highest in the UK in the British capital at £3,210 and £3,199, respectively. Cardiff comes in third with a £23 mortgage saving.

Here's the full top 10:

City

Average Monthly Rent

Average Monthly Mortgage

Difference

London

£3,210

£3,199

£11

Birmingham

£947

£816

£131

Glasgow

£761

£737

£24

Leeds

£911

£815

£96

Bristol

£1,043

£1,315

-£272

Liverpool

£692

£684

£8

Manchester

£1,071

£829

£242

Sheffield

£994

£819

£175

Edinburgh

£1,468

£1,132

£336

Cardiff

£1,015

£992

£23

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