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Buying property now cheaper than renting in 90% of the 10 largest UK cities

Renting a property is now more expensive than buying in nine out of ten of the largest British cities, fresh data shows, suggesting that residents are financially better off, on average, buying than renting. 

Only in Bristol is the average monthly rent cheaper than average mortgage repayments, according the research by MyVoucherCodes.

It studied the average 10% deposit, monthly rent and monthly mortgage repayments in the UK’s 63 largest towns and cities and compared this to the average salary to reveal who works the hardest for their home, showcasing the number of days of hard work needed to cover these costs, excluding all other outgoings.

Here’s how the average rent compares with the average mortgage repayments per month in the UK’s biggest cities:

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

Poll: Should people generally look to rent or buy a home?

PLACE YOUR VOTE BELOW

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    only cheaper for those that have the money to buy, and the credit history to gain a mortgage, or even want the responsibility of home ownership and the ties that go with it, many find it easier to rent, 1 months notice and they can move where ever their job takes them.

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