Private school fees have increased by 21 per cent over the past five years

Private school fees have increased by 21 per cent over the past five years, four times faster than average earnings and 8 per cent above inflation, according to research from Lloyds Bank Private Banking.

The figures show that the average cost of private school education for school leavers in 2016 who started Reception in 2003 is £156,653, during which time the average annual fees have nearly doubled from £7,308 in 2003 to £13,341 in 2016, which is equivalent to 39 per cent of average gross annual full-time earnings.

The fees are even higher for London schools, where the average cost of five to 18 private education is £179,145.

Sarah Deaves, private banking director at Lloyds Bank, commented: "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. It has, therefore, become increasingly important that parents, and sometimes grandparents, plan their finances as early as possible if they want a private school education for their children."