The cost of living for the average Briton is £13,281 before any money can be spent on accommodation, according to new research from Shareamortgage.com.

The average yearly wage in the UK currently stands at £26,500. Net, this is £20,974 leaving just £7692 after living costs, meaning making mortgage repayments would simply not be viable, the firm says.

The Mortgage Market Review’s more stringent mortgage approval rules, in force since April, mean that lenders have to check whether or not buyers can actually afford repayments by taking into account their entire expenditure, including utility bills, food bills, their clothing budget and social life, among other things. With checks as thorough as these, expenses as a gym membership (average cost of £368 a year) or mobile phone bill (£360) could be preventing many from getting an approved loan.

Unsurprisingly, first time buyers on average incomes or lower are inevitably feeling the financial strain of keeping up their mortgage repayments. Shareamortgage.com is offering a platform for all would-be buyers to join forces and share both the costs of buying a house, and the benefits.

Andrew Boast, co-founder of Shareamortgage.com, said: “Wage growth has been less than 1% in recent months and with property prices rising far quicker than average earnings, people haven’t had the time to catch up with the rising cost of living, leaving many trapped by their own budgets.”

To assess whether or not purchasing a property is a sustainable investment, Shareamortgage.com has introduced an affordability calculator to its website: “Our Mortgage Affordability Calculator can help you budget buying a home, either by yourself, or sharing with mortgage buddies,” said Boast.

“The calculator generates an affordability rating which provides a guide to assess whether you have enough spare money to afford mortgage repayments.”