Mortgage payments represent biggest burden for households

Mortgage repayments are the single biggest financial burden on households across the UK, new figures have revealed.

A report, published by the Office for National Statistics, indicated that mortgage interest payments accounted for 19 per cent of total household spending in 2006, greater than the proportion spent on food.

Within housing costs, a category also including charges such as council tax, mortgage repayments took an average of £52 from an overall total of £143.

However, the survey revealed significant disparities over housing costs, including mortgage repayments, throughout the UK.

"Households in the south east, London and the East of England spent more than the UK average," the ONS said in a statement.

"Households in London spent the most, £174 a week on average, while households in Northern Ireland spent the least, at £96 a week."

Figures released yesterday (January 28th) by the Chartered Institute of Housing and British Banking Association revealed the average first time buyer now has to spend nearly 35 per cent of their monthly income on mortgage repayments.

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