The average mortgage debt per household in the area is £109,135, it found.

Kingston upon Thames is the area with the second highest mortgage debt at £95,615 per household and East Central London has the third highest at £91,375.

The research calculated the average debt per household based on the total outstanding value of residential loans and the number of households in the area.

Areas with high property prices are among those where borrowers have to take on greater debt in order to get onto the ladder or move up.

Two other London areas complete the top five – Bromley (£82,813) and Watford (£78,410).

These are followed by St Alban’s, North West London, Slough, Guildford and finally Twickenham in 10th position with £72,000 debt per household.

Bridging Finance London’s managing director Matthew Archer says: “Areas with higher house prices typically have higher levels of mortgage debt, because the amount you take out for your mortgage loan is directly tied to the cost of the house that you’re buying.

“Additionally, some areas may be more likely to have fixed mortgage rate deals, which ensure a consistent repayment rate, as opposed to variable rate deals that increase in interest, adding to the amount of debt a homeowner owes.

“Since mortgage expense correlates with local property value, London dominates the national ranking of areas with the most mortgage debt, occupying eight of the top 10 spots.

“Another factor to consider is the average age of the local population, as older homeowners will have likely paid off more of their mortgage loan.

“Since London and the surrounding areas are home to many young working professionals, they will be less likely to have paid off a significant chunk of their mortgage.

“On the other hand, according to 2023 ONS figures, Wales had the oldest population in the UK and no Welsh areas are in the top 50.”

This is partly the result of the age of the population but also lower house prices.