Housing a second child 'costs almost £60k'

Posted: 11 Nov 2011 13:33:10 GMT

The average three-bedroom house is 38 per cent more expensive than a two-room dwelling.

The cost of providing suitable housing for a third child in the UK is just under £60,000.

This is according to new research from HSBC, which found the average three-bedroom property is now 38 per cent more expensive than that paid for a dwelling with just two sleeping areas.

It was also demonstrated that the extra cost of a third bedroom represents 1.6 times annual household income in the nation.

Bruno Genovese, head of savings at HSBC - which has offices in 87 countries across the globe, including in Europe and North, Central and South America - said: "[Having a] 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."

The industry figure pointed out the research shows just how important it is for people to start saving early to ensure they have the finances in place to handle the costs involved in raising a family.
 

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