Cost of housing a second child estimated at £60,000
Friday, 11 November 2011 09:53
Research has revealed that a second child may cost parents more than their first because they often have to move house to accommodate them both.
HSBC found that the average cost of housing a second child in the UK is £59,500, as a three-bedroom property costs 38 per cent more than a home with two bedrooms.
Some 60 per cent of parents told the poll they moved house once they had children, with 35 per cent going from a two-bedroom property to a house with three and 13 per cent upgrading to somewhere with four bedrooms as opposed to three.
London was found to be the most expensive place to upgrade, while Yorkshire would be the most affordable location to accommodate an extra child.
However, not all mothers and fathers opted to relocate, with some instead choosing to add value to the property they had already bought.
One in ten added an extension to their home at an average cost of £21,256, while six per cent chose a loft conversion to make the most of space in the attic.
This cost around £17,500, the research found.
HSBC head of savings Bruno Genovese said the poll highlights the importance of putting money aside whenever possible.
"There are certainly many considerations to take when planning for your first child; however the second child seems to be catalyst for many families moving to a larger home which is often the largest financial outlay they will ever undertake," he added.
Halifax research recently found that the average UK property now costs £163,311.
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