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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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