The jaw-dropping cost of raising a child in London

As you’d expect, London is more expensive than any other place in the UK

It costs an average of £254,000 to bring up a child in London to the age of 21.

The eye-watering number, calculated by LV=, takes into account food, clothing, toys, schoolbooks and all other costs of raising a child.

The average across the UK was £232,000.

The biggest cost was essential items and services such as childcare, followed by education and food. Seemingly, parents spend an average of £4,614 on pocket money and £14,195 on gifts, which is arguably where costs could be cut.

Costs have risen 1.1% on last year, despite inflation being at 0.3%. However, they’ve risen a whopping 65% since 2003.

Breakdown of the average cost:

Childcare and babysitting: £70,466 

Education (excluding private school fees): £74,430 

Food: £19,004 

Clothing: £10,942 

Holidays: £16,882 

Hobbies and toys: £9,307 

Leisure and recreation: £7,464 

Pocket money: £4,614 

Furniture: £3,408 

Personal items: £1,130 

Other (includes driving lessons, first car, birthday and Christmas presents): £14,195 

The cheapest place was Yorkshire and the Humber at £214,559.

The average cost of raising a child in each region:

London: £253,638 

South East: £245,756 

East of England: £239,125 

South West: £236,534 

West Midlands: £234,269 

North West: £223,832 

East Midlands: £229,416 

North East: £217,820 

Yorkshire and the Humber: £214,559 

 

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