Childcare costs 'outstrip mortgage payments'

Families are paying more on average for part-time childcare than they spend on their mortgages, according to a new report.

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Parents pay more than a quarter of salary on childcare

Children in a nursery. Credit: PA Wire

In the last five years the price of part-time nursery care for a child under two has risen by 27%, with parents paying around £1,214 more in 2014 than in 2009 according to a new report.

These figures come from a Family and Childcare Trust report which says that families are paying more on average for part-time childcare than they spend on their mortgage.

For a family with two youngsters in full-time childcare the average yearly cost is £11,700, the report adds, 62% higher than the average yearly mortgage bill for a family home.

The study says that since 2002, childcare costs have risen more than inflation each year and that international data shows that parents in Britain hand over more than a quarter of their salary (26.6%), more than most other European nations.

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Childcare costs 'outstrip mortgage payments'

A file photo of a child playing. Credit: Dominic Lipinski/PA Wire

Families are paying more on average for part-time childcare than they spend on their mortgages, according to a new report.

It reveals parents are handing over more than £7,500 a year for childcare for two children, around 4.7% more than the average mortgage bill.

The report, by the Family and Childcare Trust, also suggests that some families maybe spending more on childcare than they do on their weekly shopping

It found that a family with one two-year-old child attending nursery part-time (25 hours a week) and a five-year-old in an after-school club will pay out £7,549 a year on average.

This is higher than the UK average annual UK mortgage, which the report says is £7,207 according to official data.