Cost of Housing a Second Child is GBP 60,000
- Cost of a third bedroom is 1.6 times income in UK - London is least affordable place to have baby number two - Yorkshire is most affordable - costing 5 times less than the Capital
(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwire) -- 11/11/11 -- New research from HSBC reveals the additional cost of housing a second child in the UK is GBP 59,500, with the average 3 bedroom property costing 38% more than a home with 2 bedrooms. The additional cost of a third bedroom represents 1.6 times annual household income in the country.
HSBC surveyed 1,000 parents with two children or more to find out the changes they made to their lifestyles after having children. Sixty per cent of parents have moved house as a result of having their first or second child, with 35% moving from a 2 to a 3 bedroom property, 11% from a 1 to a 2 bed and 13% from a 3 to a 4 bed.
Bruno Genovese, Head of at HSBC comments "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. This research highlights the importance of saving to ensure you are able to cope financially with the cost implications of having a family."
Not surprisingly, the research reveals that London is the most expensive place to house a second child; the average cost of a third bedroom in the Capital is GBP 163,270 or 3.6 times gross annual household income. This is five times the cost in Yorkshire which is the most affordable place to have a second child; the additional price of a third bedroom (GBP 31,467) is almost equal to household income in the region (GBP 32,500). In terms of the percentage increase in property price, the East Midlands is the most expensive region in which to upsize, with the average 3 bedroom property costing 42% more than a 2 bedroom home.
London and other Southern counties including Hertfordshire, Berkshire and Surrey are the most expensive places to house a second child with the cost of a third bedroom topping GBP 100,000 in each of these places. In comparison Scottish and Welsh counties dominate the most affordable places to move up a bedroom - with the cost of a third bedroom in Swansea just GBP 8,000.
Other costly measures taken by parents with two children or more include buying a larger car, more than half (51%) of parents did this, potentially costing them an additional GBP 17,150. The difference in price for a new Ford Fiesta compared to the more family friendly Ford Focus is GBP 6,000 or up to the even larger Ford Galaxy is GBP 17,150. One in ten (10%) added an extension to their home, costing an average GBP 21,256 and six per cent undertook a loft conversion, with an average cost of GBP 17,500.
A copy of this release can be found at
Notes to editors:
Loft conversion - GBP 17,500
Home extension - GBP 21,246
Car ()
HSBC Bank plc: HSBC serves 16.1 million customers in the UK and employs approximately 52,000 people. In the UK, HSBC offers a complete range of personal, premier and private banking services including and . It also provides commercial banking for small to media businesses and corporate and institutional banking services. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc.
The HSBC Group: HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,500 offices in 87 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,455bn at 31 December 2010.
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020 7427 1400
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Datum: 11.11.2011 - 12:46 Uhr
Sprache: Deutsch
News-ID 86907
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Insurance
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