Childcare costs soar – up 27% in 5 years

Full-time childcare can cost £12K per year for 2 children

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A big hike in the cost of childcare in the past 5 years means that many parents now pay more for childcare in a year than they do for their mortgages.

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The Family and Childcare Trust’s annual report says the average fees for 1 child in part-time nursery and another in after-school club are a whopping £7,549 a year.

This is more than the average annual UK mortgage, which is estimated at £7,207 last year.

And if you need full-time childcare for two children, it could set you back £11,700 a year – two-thirds more than the average mortgage.

The study is based on information gathered by the Trust from local authority services in England, Wales and Scotland.

The Trust says childcare is becoming increasingly unaffordable with a 27% rise in costs since 2009.

Anand Shukla, chief executive at the Family and Childcare Trust, said: “When even part-time childcare costs outstrip the average mortgage for a family home – and many parents have to spend more than a quarter of their income on childcare – it’s clear that our childcare system isn’t fit for purpose.

“We need a system that helps parents who want to work and contribute to the economy and gives children the best start in life.”

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