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Parents willing to pay £70,000 premium for school catchment areas
Parent are willing to pay a premium of over £70,000 in order to move into the catchment area of their desired school for their children, according to research from Santander.
The research found that 26 per cent of parents with children of a school age have either bought or rented a new property in order to secure an address within their desired catchment area.
In order to secure the school places they want for their children, the research found that families were prepared to pay an 11 per cent premium on the average UK property price, which equates to an average £23,707, with those living in London prepared to pay up to a 15 per cent premium - which equates to £71, 539 in the current property market.
Santander also found that the sacrifices these parents make go beyond financial, with 17 per cent having changed jobs as a result of the move, 20 per cent saying they were forced to downsize and 15 per cent saying they moved to an area they did not like.
Miguel Sard, managing director of mortgages, Santander UK, said: “School catchment areas remain a key discussion point for many parents. Our research shows that with competition for school places remaining high, parents are making significant financial and lifestyle sacrifices to be within the catchment area of desirable schools. Living within a certain school catchment area is a priority for many families but these premium addresses can come with a hefty price tag.”
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