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Renting a London home is much cheaper than paying off a mortgage, surprising new research shows.

Analysis by property website Zoopla shows owning a home in the capital sets people back an average of £15,216 more in payments than renting each year, a 46 per cent difference.

According to the site, the median rent per month in London is £2,109, compared with the average monthly mortgage payment of £3,377.

Other cities with a similar trend include Brighton, which has a 29 per cent difference, while Cambridge home owners see the country's biggest disparity, forking out 52 per cent more than tenants on average.

Spokesman for Zoopla Lawrence Hall said the capital's figures were caused by a lack of housing supply in a city where the average asking price is £675,000.

He said: "Despite the very high rents of London, and relatively high rents of Cambridge, Brighton and other southern cities, getting onto the property ladder is still proving tough.

"The housing supply pressure in London in particular has become so intense that getting onto the property ladder can be significantly more costly per month than renting.”

In contrast, figures for nearly half of the country's cities show buying your own home is more cost-effective than being a tenant.

Property purchasers in Glasgow are particularly better off, according to the study, with renters paying out around 25 per cent more than buyers.

Mr Hall said: "Particularly if you’re in Scotland, Northern England or in the West Midlands, taking the first step onto the ladder and sacrificing the flexibility of renting can be a much cheaper alternative."

The top cities where renting beats buying according to Zoopla:

1. Cambridge

2. London

3. Brighton

4. Swansea

5. Wigan

6. Aberdeen

7. Reading

8. Bournemouth

9. Rotherham

10. Southampton

The top locations where buying beats renting, according to Zoopla:

1. Glasgow

2. Coventry

3. Birmingham

4. Bradford

5. Newcastle-upon-Tyne

6. Bolton

7. Peterborough

8. Nottingham

9. Barnsley

10. Stoke-on-Trent