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Renting more expensive than buying in 90% of large British 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 the 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.

While renting a home an average home in London will only cost £11 per month more than the average mortgage payment, in Edinburgh the average rent is £336 per month more than the average mortgage payment.

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