According to research carried out by Santander Mortgages:
One in four parents have moved house to be within their desired school catchment area.
27% of those who have moved will move out of the area once their child has secured a place.
Parents are willing to pay a premium of up to 11% on the average UK property price and as much as 15% within the London area.
49% have sold their previous property and purchased within catchment area, 25% have purchased an additional home and 26% have sought rental properties.
Parents are even going so far as to making substantial sacrifices for the sake of a good school, with 22% going over budget purchasing property they cannot afford. 17% even changing jobs, 15% moving to areas they dislike and 21% moving away from family and friends.
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”.
“For those wanting to buy a new home, affordability is key so it’s important to look at incomings and outgoings carefully. Unfortunately, this is likely to be harder to achieve for those wanting to buy in a specific school catchment area. We urge parents looking to move not to stretch themselves beyond their means – finding a mortgage provider that not only offers competitive rates and products but also has the expertise to ensure that the right deal is secured is fundamental to this.”
Areas with the best performing schools within England include; Gloucester, South Northamptonshire, Harrogate, Gateshead, Trafford with the average house prices ranging from £142,000 to £416,000. Unsurprisingly homes in the top catchment areas within inner London cost on average £1.2 million.
With the costs of sending a child to private school rising at a faster rate than house prices, this trend is set to continue.