Cost of raising a child is now £231,843

Today’s big parenting news is that the cost of bringing up a child is now £231,843 and costs more than buying an average semi-detached house.

According to the 13th annual Cost of a Child report by LV=, the cost has risen more than £2,500 in the last year, and more than £13,000 over the last five years.

The calculations were put together by the Centre of Economic and Business Research (CEBR) at the end of last year.

Figures from the participating 1000 UK adults encompassed all costs necessary to raise a child from birth to 21 years of age.

The biggest financial headache is always childcare and babysitting which was found to come to £70,466.

A basic state education surprisingly came to £74,430, to include lunches, books school uniform and university fees.

According to the statistics children cost the most between the ages of 1 and 4 years of age averaging £63,224 each.