Expectant parents 'don't budget for nurseries'
Published On 13 July 2007
People in the UK are using things like homeowner loans to convert rooms into nurseries for their children, a new report suggests.Research from Halifax shows that expectant parent typically spend £2,628 converting their child's nursery.
One in five children aged under three years have expensive electronic equipment in the room and one in twenty parents are so worried about the safety of their tot that they install CCTV around the house.
However, the findings show that 68 per cent of parents did not budget for the nursery upgrade, making a homeowner loan a viable form of finance.
"The new baby boom is all about the amount parents are spending, to ensure their children start life in a luxury home nursery," explained Vicky Emmott, senior manager of underwriting at Halifax Home Insurance.
"Parents are spending almost half the price of a new car on their children's home nurseries. Many expectant parents are unaware how the costs of cribs, Moses baskets, baby monitors and toys soon mount up."
At a recent meeting of the Association of Finance Brokers (AFB), industry experts said that people must consider the consequences of taking out a homeowner loan.
