Many UK parents are paying more per year for childcare than for their mortgage, according to a report from the Family and Childcare Trust's annual report.

Average fees for one child in part-time nursery and another in an after-school club are £7,549 per year according to the report, whilst the cost of an average mortgage over the year is £7,207.

This reflects a 27% rise in costs since 2009, despite wages remaining static.