The cost of private schooling is soaring – especially in London
The total cost of private school education has soared to more than £150,000, according to new research.
Research from Lloyds Bank has found that parents paid an average of £156,653 in fees for children who started reception in 2003 and left education in 2016, after year 13.
In that time, parents have seen average annual fees rocket by 83 per cent from £7,308 in 2003 to £13,341 in 2016.
Parents in London may feel the squeeze even more, as total average cost of a private school education in capital, from the age of 5 to 18, is £179,145, the highest in Britain.
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London is followed by the South East (£175,068) and the South West (£160,350). Parents in the North pay the least at £126,609.
Sarah Deaves, private banking director at Lloyds Bank, said: "All parents want the best for their children, and a good education is no exception. A place at a private school is a huge financial commitment, almost an eye-watering £157,000 for just one child, from reception to finishing the sixth-form as a day pupil.
"With average annual fees at £13,341 per child and the compulsory school leaving age now 18 years, many families may well feel some strain."
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The average annual fee for day pupils has also grown 21 per cent over the past five years, from £10,983 in 2011 to £13,341. That's four times faster than average earnings and eight per cent above inflation, the research showed.
Regionally, the biggest rise in fees has also been in Greater London. Fees have grown by 25 per cent since 2011 and are the highest in Britain at £15,828.
The next biggest increases were in the North, East Anglia, Wales, West Midlands and the South East, all jumping by 21 per cent.