Revealed – cities with the most and least hours needed to pay off a mortgage

Revealed – cities with the most and least hours needed to pay off a mortgage


Todays other news
The improved mood follows the latest Bank of England rate...
Four in five UK self-employed entrepreneurs have struggled to get...
The cost of home insurance in the UK increased by...
The lender has claimed to move away from the 'them...
L&G Mortgage Club has launched an end-to-end digital mortgage solution...


It can seem like a lifetime to reach the final instalment of a mortgage payment. But where in the UK will people have to work the most (and least) hours to pay off their big investment?

New research from Coulters Property has identified the average house price and salary in every major town and city in the UK to reveal where people will need to work the most, or least, to pay off their mortgage if they put down a 15% deposit.

Unsurprisingly, London is the city is where it takes the longest to pay off a mortgage, with the 24,487 average hours needed. Oxford and Cambridge followed closely behind, where people need to spend 22,659 and 21,977 hours to pay off their mortgage.

The most hours needed to pay off a mortgage (by town/city):

Rank

Town/City

Average Mortgage Amount (£)

Average Hours To Pay Off Mortgage

Average Number of Work Days (8h) To Pay Off Mortgage

1

London

£415,785

24,487

3,061

2

Oxford

£363,580

22,695

2,837

3

Cambridge

£384,816

21,977

2,747

4

Brighton and Hove

£322,188

20,693

2,587

5

Bournemouth

£248,889

19,567

2,446

6

Watford

£304,470

18,982

2,373

7

Slough

£256,256

17,564

2,195

8

Southend-on-Sea

£246,847

17,083

2,135

9

Bristol

£253,751

16,996

2,125

10

Reading

£242,204

16,890

2,111

At the other end of the table, it’s easier to save up north, with Sunderland ranking number 1 for the least hours needed to pay off a mortgage. With an average mortgage of £96,678, buyers will only need to work 7,905 hours to pay off their mortgage.

The least hours needed to pay off a mortgage (by town/city):

Rank

Town/City

Average Mortgage Amount (£)

Average Hours To Pay Off Mortgage

Average Number of Work Days (8h) To Pay Off Mortgage

1

Sunderland

£96,678

7,905

988

2

Stoke-on-Trent

£99,081

8,135

1,017

3

Dundee

£109,847

8,241

1,030

4

Middlesbrough

£94,693

8,314

1,039

5

Kingston upon Hull

£96,532

8,611

1,076

6

Aberdeen

£120,193

8,716

1,089

7

Glasgow

£121,287

8,719

1,090

8

Blackpool

£92,044

8,997

1,125

9

Liverpool

£121,323

9,027

1,128

10

Bradford

£123,072

9,846

1,231

 

Average hours to pay off a mortgage (by region)

Southerners in the South East (19,076 hours) and South West (17,522 hours) take nearly twice as long to pay off their mortgage compared to the North East (9,064 hours).

Londoners need to spend three times longer than the North East to be able to afford their average mortgage amount of £415,785.

Meanwhile, Scotland (9,283 hours) is the lowest of the four nations for average hours to pay off a mortgage. In other parts of the UK, it would take 11,734 hours to pay off a mortgage in Wales and 10,005 hours in Northern Ireland.

Mike Fitzgerald, executive chairman at Coulters Property, comments: “Applying for a mortgage to buy a house is a big investment, and it can take a lifetime to pay the lender back. The length of mortgage repayments is determined by the cost of properties, which are dependent on location, and several other socio-economic factors.”

“We have all heard of the ‘north-south divide’ and this is the case for the property market. Mortgages in the south are considerably higher than mortgages in the north as you can see from our research, which shows it takes homeowners in the South East and South West nearly twice as long to pay off their mortgage compared to the North East.”

To view the research in full, click here.

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Introducer Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
The improved mood follows the latest Bank of England rate...
Four in five UK self-employed entrepreneurs have struggled to get...
The lender has claimed to move away from the 'them...
In the past four years 50% of buyers have been...
A prominent agency expects anxious buyers to keep searching...
The warning comes in the latest market snapshot from Rightmove...
Recommended for you
Latest Features
The improved mood follows the latest Bank of England rate...
Four in five UK self-employed entrepreneurs have struggled to get...
The cost of home insurance in the UK increased by...
Sponsored Content
Historically second charge mortgages or secured loans as they are...
Lenders must say what they mean and mean what they...
Fraudsters attacking the conveyancing sector, successfully stealing large sums of...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here