The research from Octane Capital analysed the cost of mortgage repayments as well as annual average gross earnings.
The firm said that average income was £2,635 per month and for two-income households this rose to an average monthly income of £5,270.
According to the latest mortgage rates and a 75 per cent loan to value mortgage on an average house costing £295,747, the average household is paying £1,139 per month to repay their mortgage.
This compares to January when the average monthly mortgage payment was £840.
Londoners spend a third on their mortgage
From a regional perspective, those living in London are spending nearly a third of their monthly income, 30 per cent, on monthly mortgage repayments. This is up from 23 per cent in January.
This is followed by South West, with mortgage repayments accounting for 27 per cent of average monthly income, an increase from 20 per cent in January.
The South East reported the third most expensive mortgage repayments as a proportion of monthly income at 26 per cent, a rise from 20 per cent in January.
The North East was the lowest with mortgage repayments accounting for 14 per cent of average monthly income. This is an increase from 10 per cent in January.
‘Buyers will squeezed even tighter’
Jonathan Samuels, chief executive of Octane Capital, said: “The current outlook for the nation’s homebuyers and owners is becoming increasingly difficult and it really demonstrates just how high the cost of homeownership has climbed when nearly a quarter of household income is swallowed up by mortgage repayments.
“What’s more this proportion of income required to cover our mortgage repayments has been climbing steadily since the start of the year and is likely to continue doing so, as mortgage rates are predicted to increase to as high as six per cent. “
He added: “This means that those currently looking to buy, or on a variable rate mortgage, will be squeezed even tighter at a time when our finances are stretched beyond breaking due to the cost of living crisis.”
