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

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.

Liverpool has a discrepancy of just £8.

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: