The research from Halifax is based on the average annual mortgage repayment of £8729 and the average net annual income of £28,752.

The day has changed little over the past five years, varying by just six days, suggesting that housing affordability remains relatively stable. However, the distribution has changed, with the North and Scotland seeing their ‘Mortgage Freedom’ days move earlier in the year over the past five years, and the rest of the UK seeing theirs pushed further out.

Of course, this doesn’t mean that you are free for the rest of the year. You still have to pay taxes of £5663, plus bills, food and clothing.

Equally, there is a significant difference between mortgage freedom day in the North and South. While all home owners in the North reached their ‘Mortgage Freedom’ day in March, those in the Midlands and East Anglia will have to wait until the end of the this month. Homeowners in the South have to hold off until early May.

Bad news for Brent

Looking at it by local council: Brent home owners were last to reach mortgage freedom in 2018 (August 11) and will be again in 2019, having to wait until almost autumn (September 5). Harringey (24 August) and Hackney (12 August) residents follow in second and third. The earliest mortgage freedom day was for Copeland in the North West, which celebrates its mortgage freedom day on the 18^th February.

Andy Bickers, mortgages director, Halifax, said: “If every penny earned this year went towards their mortgage today would be the day that the average UK borrower could celebrate paying off their mortgage for the year.

“While on its own the significance of this date is hard to comprehend, comparing ‘Mortgage Freedom’ days year-to-year allows for quick comparisons on affordability. Specifically – how much people are earning against how much they are spending on their mortgage.

“Therefore, with both house prices and UK average earnings continuing to rise, it makes sense that ‘Mortgage Freedom’ day this year remains unchanged from 2018.”