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Finance

Private school fees up 40 per cent over last five years

12/07/2008

Private school fees have soared by over 40 per cent over the last five years, according to research by Halifax Financial Services.

Data showed that the average annual fee required to attend the privately funded institutions rose from £9,627 in 2007 to £10,239 this year.

However, rising costs have not put off parents from sending their children to private schools as pupil numbers rose by 5.6 per cent between the years 2001-2002 and 2006-2007.

The most rapid increase in tuition costs has been reported in the south-west of the UK where fees have risen by 48 per cent to £10,671.

The lowest rise in fees was reported in the west Midlands where a 30 per cent hike in tuition costs was reported in the last five years.

The south-east is the region with the highest fees at £11,379 while the north remains the cheapest with fees up to 27 per cent lower than the south-east at £8,381.

The study also stated that many professionals including teachers, vets and engineers could no longer afford to send their children to private schools without financial assistance. It claimed that workers in just 18 professions could now afford a private education.

Halifax Financial Services chief economist Martin Ellis said: "Private school fees have increased by significantly more than inflation over the past five years. This has made it increasingly difficult for the average worker in many occupations to afford a private school education for their offspring.

"It has, therefore, become increasingly vital that parents plan their finances as early as possible if they want private schooling for their children," he added.