Ealing has been named among the top 10 London boroughs where homeowners spend the highest proportion of their wages on mortgage repayments.
A new study by property buying firm Sell House Fast revealed that residents in Ealing spend an average of 90.5% of their annual net pay on mortgage costs, placing the borough eighth in London for mortgage burden. The figure is based on an average house price of £580,477 and annual mortgage repayments of £30,095.25, compared with a median net salary of £33,256.
Across the capital, Kensington and Chelsea ranks worst overall, with average annual mortgage repayments equivalent to 171.9% of local earnings. In Camden and Westminster, a full year’s salary would not cover mortgage costs.
Even in neighbouring Hammersmith and Fulham, where median annual net pay is £38,442, homeowners face average annual mortgage repayments of £40,529.16 – equivalent to 105.4% of salary.
Even in higher-earning areas such as Richmond upon Thames, where residents have the highest median gross pay in London at £56,048, homeowners still spend 96.5% of their income on mortgage repayments.
Jack Malnick, managing director at Sell House Fast, said: “A mortgage should feel like a long-term investment, not a monthly source of stress. When repayments start crowding out essentials like food, bills or savings, it’s a sign people need to reassess their options and take action early.”
