According to a study by Sell House Fast, mortgage repayments now account for as much as 171.9 per cent of median take-home pay in some parts of London.
The figures show that nine out of the top ten least affordable areas are in the capital, with just one outlier.
Jack Malnick, managing director at Sell House Fast, said: “A mortgage should feel like a long-term investment, not a monthly source of stress.
“If your repayments are eating up more than 30 per cent of your income, that’s often a sign you’re overextended.
“When essential expenses like food, bills, or savings start slipping, it’s time to reassess, whether that’s by switching to a better deal, adjusting your budget or exploring a quicker sale if you’re really struggling.”
Kensington and Chelsea topped the list, with annual mortgage repayments averaging £70,595.38, almost 171.9 per cent of the area’s median net pay of £41,078.
The borough also recorded the highest average monthly repayment at £5,882.95, more than 1,000 per cent higher than the lowest, found in Inverclyde, Scotland.
Kensington and Chelsea also had the largest average deposit, totalling £272,329 on the average house price.
Camden and Westminster followed, with repayments exceeding 120 per cent of average take-home pay.
Richmond upon Thames, despite having the highest gross median salary at £56,048, still posted a mortgage burden of 96.5 per cent.
Mr Malnick said: “We speak to homeowners every day who are feeling the pressure of rising costs and uncertain interest rates.
“For some, selling on the open market isn’t an option because of the time or stress involved.
“That’s where a fast cash sale can help people regain control of their finances and move forward with peace of mind.
“The key thing to remember is that there’s always a way through.”
