The additional cost of housing a second child in the UK is £59,500, with the average three-bedroom property costing 38% more than a home with two-bedrooms, new research from HSBC suggests.
It says the 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. 60% of parents have moved house as a result of having their first or second child, with 35% moving from a two to a three-bedroom property, 11% from a one to a two-bed and 13% from a three to a four-bed.
Bruno Genovese, head of savings at HSBC, said: “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.””
