In research carried out by mform, just over a third (35 per cent) of adults living in the capital are looking to take out a mortgage within the next three years. However, with the city reported to carry some of most expensive property prices in the country, findings by the online mortgage provider indicated that some 11 per cent are aiming on taking out a secured loan worth more than quadruple the amount of their yearly salary - the highest proportion of such borrowers noted in the country. The study also revealed that four per cent of Londoners are happy to borrow at five-times their annual income. Overall, an estimated 13.89 million people across the country are said to have their sights set on getting a mortgage by 2010.

Meanwhile, the survey showed a willingness among those in the north-east of England to advance on the property ladder. With 32 per cent intending to have a mortgage within three years' time, people in the area were said to be behind only London in terms of a desire to purchase a home. According to the financial services firm, eight and six per cent of respondents in the area have planning to borrow at four and five times the amount of their yearly take-home pay respectively. The eastern area of England additionally was said to see a rise in mortgage activity over the next three years, as 31 per cent of people look to get on to the property ladder. The findings also indicated that the south-west (24 per cent) and the Yorkshire and Humberside regions (22 per cent) contain the lowest proportion of residents wanting to take out a mortgage by 2012, with only one out of a 100 in the northern region of the country aiming on borrowing at five-times their salary.

Commenting on the figures, Francis Ghiloni, marketing and business development director for mform, reported that the study highlights that prospective buyers could be putting themselves under an increasing amount of pressure to afford a home. He said: "The cost of servicing a mortgage has been rising steadily and this is set to continue as many people are forced to borrow more in the light of rising property prices. Between 2001-02 and 2005-06, the amount of money mortgage holders spent on their loans increased by around 44 per cent."

At the beginning of this month, the Woolwich Mortgage Affordability survey, which was carried out by Barclays, revealed that a rising proportion of homeowner' salaries goes towards making mortgage repayments. Findings from the firm revealed that the average property owner in their 20s is seeing secured loan payment responsibilities take up 32.4 per cent of their salaries. Although mortgage expenditure was reported to account for 20.1 per cent of income across consumers of all ages - this figure is the highest level recorded since 2002. Due to rising affordability pressures of property, the age of those getting on the first rung of the housing ladder was now reported to rise past the current average of 29.