The average homebuyer across England is now paying almost £76,000 during the initial year following a property purchase, according to a study by GetAgent.

The analysis found the annual total rises as high as £209,329 in some areas.

To calculate the figures, GetAgent took into account the initial mortgage deposit as well as the additional cost of stamp duty, monthly mortgage repayments, annual utility costs and the average annual maintenance costs of owning a home.

The research found that across England as a whole, the current average cost of a home is £315,965, meaning that the current cost of placing a 15% mortgage deposit is £47,395.

According to the study, the average annual cost of maintaining a home costs £3,160 per year, the average annual cost of repaying a mortgage totals £19,029 per year and the average cost of basic utilities such as gas, water and electric comes in at £2,919 per year. As a result, the total cost of homeownership in the initial year following a property purchase currently sits at £75,801.

London accounts for the highest initial cost of homeownership at regional level, coming in at £209,329 for the first year in the City, and £139,787 across the wider area of Greater London.

The South East is the second most expensive region, with an annual cost of £100,395 during the first year of homeownership, with Surrey ranking as the most expensive county in the region and the most expensive in England outside of London at £135,776.

Buckinghamshire (£123,199), Hertfordshire (£117,499) and Oxfordshire (£109,662) also rank high on the list, as do Bath and North East Somerset (£107,929), Berkshire (£106,179), West Sussex (£100,035), Rutland (£96,746) and Hampshire (£95,863).

In contrast, County Durham has the lowest cost of homeownership, with the total spend associated with a property purchase currently at £31,639 during the first year.

“The high cost of homeownership is certainly nothing new but many homebuyers may be surprised at just how much a property will set them back during their initial year of homeownership,” said Colby Short, CEO and co-founder of GetAgent.

“Many buyers are now feeling the squeeze where the cost of repaying their mortgage is concerned. When you also add the fact that running costs such as utility bills have also spiralled, those who have overstretched when borrowing are now in a very difficult spot,” Short added.