A recent report by Lloyds Banking Group has highlighted something surprising: in a growing number of UK cities, buying a home can actually work out cheaper than renting. According to the study, homeowners in places like Glasgow, Cardiff and Newcastle could be paying less each month on their mortgage than tenants are spending on rent.
For many aspiring homeowners, that’s a refreshing change from the familiar story of soaring house prices and unaffordable deposits. The shift may also open new opportunities for those ready to take the leap; provided they plan carefully and have the right support when it comes to making the move itself.
Why Buying a Home Cheaper Than Renting UK Is Becoming Possible
According to Lloyds, nine of Britain’s major cities now offer the possibility of monthly mortgage payments that undercut typical rents. In Glasgow, buyers could save more than 30% each month compared with renters, while in Newcastle and Hull, monthly savings of around £200 are possible.
These calculations are based on a 5% deposit and a 30-year repayment mortgage at an average rate of 4.78%. While the study doesn’t include extra ownership costs such as maintenance or insurance, the trend is clear; in many regions, the cost gap between buying and renting is narrowing fast.
Rising rents are a big part of the picture. Private rental costs have surged over the past few years, particularly in urban areas. Meanwhile, as interest rates have stabilised, mortgage repayments in some areas have become competitive again. That combination is allowing buyers to step onto the property ladder in cities once thought beyond reach.
Of course, the figures exclude London; where property prices and living costs still place ownership out of reach for many. Yet across other parts of the UK, this trend is creating genuine financial advantages for first-time buyers and families ready to settle down.
What This Means for Home Buyers
For renters on the fence, the Lloyds data is a signal to start reassessing their long-term options. Here are a few practical takeaways:
Run the numbers realistically.
Compare average local rents with estimated mortgage payments in your target area. Remember to include ownership extras like maintenance, repairs and insurance.
Get professional mortgage advice.
A broker or adviser can help you understand current rates, deposit requirements and affordability, particularly with the growing number of first-time buyer schemes available.
Think long-term stability.
Home ownership isn’t just about monthly savings. It’s also about building equity, avoiding rental uncertainty and investing in a place that’s truly yours.
Budget for your move early.
Beyond mortgage costs, factor in moving expenses, legal fees, and furnishings. The smoother your move, the faster you can settle into home ownership with minimal stress.
Preparing for the Move: Why the Right Removal Partner Matters
When your offer is accepted and the completion date is in sight, the excitement quickly gives way to logistics. That’s when a reliable, professional moving company becomes invaluable.
At Movevan, we specialise in helping people transition from renters to homeowners with confidence and care. Whether you’re upgrading to a family home, buying your first flat, or relocating across London, we’ve built a suite of services designed to make every stage effortless.
Our Services Include
- Moving Van London: Reliable vans and experienced drivers to help you move safely anywhere across the capital and beyond.
- House Removal Company in London: Full-service home removals with careful packing, transport and set-up. Ideal for families or large property moves.
- Man with a Van Removal Company in London: Perfect for smaller moves or single-day jobs. Flexible, cost-effective, and easy to book at short notice.
- London Removals: Local expertise means we understand the city’s traffic, parking and timing challenges, so your move stays on schedule.
- Furniture Delivery Service: Need to move new or second-hand furniture? Our team collects, delivers and positions it for you.
- Packers and Movers: We provide professional packing materials and trained packers to ensure your belongings travel securely.
- Same Day Van Hire: For those urgent, last-minute moves when you need a van today, not tomorrow.
- Clearance: End-of-tenancy or pre-move decluttering handled responsibly and efficiently.
- Storage: Safe, dry, and flexible storage solutions when you need extra space during your transition.
Each of these services is designed around one goal: making your move smoother, faster and completely stress-free.
The Real Advantage of Owning: Security and Control
Renting offers flexibility, but ownership provides something most tenants rarely enjoy; security and long-term control. When you buy, you’re not just moving your belongings; you’re moving your future into a place that’s truly yours.
Even if your monthly costs start out roughly the same as rent, your payments go towards an asset that grows over time. That’s the real shift this Lloyds research highlights: the idea that property ownership is not only aspirational but, in some cities, financially smarter.
With inflation still shaping the rental market, buyers who act now could lock in predictable monthly payments and start building equity sooner. The opportunity is there; it just takes good planning and the right team to make it happen.
Moving Made Simple with Movevan
There’s nothing quite like the excitement of stepping into your own home. Movevan helps you make that transition effortlessly, offering dependable support every step of the way.
Our flexible booking options mean you can choose the exact level of support you need, from full home removals to van hire or temporary storage. With years of experience across London and the wider UK, we’re proud to help homeowners start their next chapter on the right foot.
You might be moving into a new build in Manchester, a Victorian terrace in Cardiff, or a first flat in North London; our goal is the same: to make the process seamless from the first box to the final placement of your furniture.
Making Your Move Count
The latest Lloyds research reveals a turning point for the UK housing market. For many, the old assumption that renting is cheaper than buying no longer holds true. In several cities, home ownership is not only more affordable month to month but also a pathway to long-term security and financial independence.
And when you’re ready to take that step, having a dependable moving partner can make all the difference. With Movevan’s experienced team, services and attention to detail, you can focus on settling into your new home; not stressing about the move.
Credit: The Standard
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