Bringing up a child and an average home cost about the same

From birth to leaving university at age 21 it costs parents �140,398 to feed, clothe and school their children.

This compares to the �137,800 cost of an average home according to the most recent Halifax house price survey.

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UK parents are the top spenders in Europe and are the most likely to splash out on toys and holidays.

Escalating cost

In fact it costs parents nearly a third more to bring up a child in the UK than in Spain and France.

Italian parents spend the most on basics such as clothes and food but UK parents spend far more on luxuries for their children.

Costs are highest for UK parents in the first five years of their child's life when a staggering �46,695 is spent.

How costs break down Year 1-5 �46,695 Year 6-11 �31,000 Year 12-18 �33,747 Year 19-21 �30,000 Source: Liverpool Victoria

As every parent is aware the bills don't stop rolling in when their offspring reach 18.

In fact, the escalating cost of university means that on average UK parents splash out �30,000 on their child between the ages of 19 and 21.

"Everyone knows that raising children can be expensive but few will have realised that bringing up three children could cost nearly half a million pounds," Malcolm Berryman, Liverpool Victoria's group chief executive, said.