Raising children in UK more expensive than buying a house

Raising a child born in 2016 to the age of 21 in the United Kingdom will cost you a staggering £230,000, or $330,000, total. That's an increase of 65 percent since 2003, when costs for parenthood in Britain where first calculated.

And that's with children attending public (free) school versus private school, the new research states.

The report, by insurance company LV=, also unsurprisingly showed that London is the most expensive place to have children in the UK.

Crowd of Kids
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The research calculates that parents will spend more than £70,000 ($100,000) on childcare and babysitting, and spend another £74,000 ($106,000) on education-related expenses.

The priciest years of a child's life are between the ages of one and four, where parents spend approximately £63,224 ($90,859).

They then get a little breathing room when children are between the ages of 5 and 17 years old but university fees (usually around the ages of 18 to 21) jump up the costs to an average of £17,815 ($25, 573) a year.

Overall, it means the average parent in Britain will spend more than 38 percent of their salary to afford just one child.

The report compared the figures to a Halifax report that showed the average price of a semi-detached house in the UK is £219,255 ($315,000) -- that's £12,588 ($18,000) less than the cost of raising a child.