Londoners spend three and a half out of five working days just paying off rent and essential bills, according to research by agents Portico.

Data from Portico shows just how tough it can be for Londoners to save for a mortgage deposit as they are now spending 70% of average income on rent and essential bills.

According to Portico, it’s not until 1pm on Thursday that the average London worker has earned enough to cover all their essential expenses.

Using data based on the average London gross salary of £34,320 a year, or £660 a week, the agents worked out that after national insurance, average monthly rents of £2,000, plus council tax, travel and other bills, they are then left with around £201 disposable income to be spent or saved as they like – though bills do not include food.

Portico also analysed the data on a borough level, adjusting the cost of rent, council tax and travel to zone 1 accordingly, but using the average London salary of £34,320. They have found there is a huge variation between boroughs.

Londoners renting in Bexley will have the greatest amount of disposable income left over after rent and essential bills with £287, whereas City of London renters have the least amount of disposable income at the end of the week, with £32. If you want to be in zone 1, Lambeth offers the largest amount of weekly disposable income for renters with £209.

Robert Nichols, managing director of Portico, said: “Londoners have to work increasingly later into the week before they start to spend some of their hard-earned money. Working for five hours alone to pay income tax, plus almost two days on rent, clearly shows how private rents in the capital have skyrocketed.

“But while rents are increasing, public transport is also improving significantly, so we’re seeing a huge number of tenants move further out to boroughs like Bexley, Barking & Dagenham and Ealing to benefit from affordable rents, a quick commute, which will become even better with the arrival of Crossrail, and a good sum of disposable income in their pockets at the end of each week.”

The figures are less stark than Countrywide’s May Lettings Index which shows the cost of renting a one-bed home in London now takes up 57% of the post-tax income of an average full-time worker aged under 30.

This is based on Office for National Statistics and the Labour Force Survey, which shows the average post-tax income in the UK is £18,799.

In London the average post-tax income is £23,710.

This is a 16% increase on the 41% of income in 2007, although this doesn’t take account of bills.

On a national basis, the May Countrywide Lettings Index shows the average cost of renting a one-bedroom home in Britain accounts for 48% of the post-tax income of an average young full-time worker.

The cheapest area is the east midlands where the average costs account for 33%, based on an average post-tax income of £17,007.

Johnny Morris, research director at Countrywide, said: “In most parts of Great Britain, rising incomes have softened the impact of increasing rents.  For more than half of the country, rents now take up less of the average person’s take-home pay than before the downturn in 2007.

“But in London rents have risen much faster than wages, stretching affordability. Many tenants have adapted to rising prices by either moving to cheaper areas, further from the centre, or sharing.

“Stalling rental growth in the capital begs the question whether London’s rents have reached their affordability limits for now.”