Parents willing to spend 12% extra to live in school catchment area


Published : 6th September 2017

News

Parents are rejoicing as schools finally reopen after the long summer holidays, but research reveals how much extra families are willing to pay for a property to secure a place for their child.

A survey by Santander Mortgages, based on questions answered by more than 4,000 parents with children of school age, showed 24% had purchased or rented a property to secure an address within a particular school catchment area.

The poll of 4,014 parents found those with children of school age are willing to spend on average 12% more on a property to live in a desired catchment area.

This equates to £26,800 extra, based on average Land Registry prices of £223,257, so they have a better chance of getting their child into a school of their choice.

Among families who have moved to be within their desired catchment area, 51% said they had sold their previous property and purchased a new one within their chosen area.

Another 30% said they purchased a second home in the catchment area, while 19% secured their desired address by renting a property.

A fifth of those who moved changed jobs, while 20% said they were forced to downsize and 19% moved to an area where they did not feel safe.

One in four  admit they overstretched themselves, paying more for the property than they could realistically afford and 26% moved to a location that was far away from family or friends.

Miguel Sard, managing director of mortgages for Santander UK, said: “Living within a certain school catchment area is top of the wish list for many families but often these addresses come at a premium.

“Our study highlights the significant financial and lifestyle sacrifices that parents are making to be within the catchment area of a desired school.”

How does your region fare?

Region

% Of Parents Who Have Bought Or Rented

Average Premium Buyers Have Paid Or Are Prepared To Pay Additional % On Original Property Price*

Average Property Price For That Region

Average School Catchment Premium For This Region*

North East

37%

14%

£130,065

£18,200

North West

17%

13%

£156,392

£20,300

Yorks & Humber

33%

10%

£157,762

£15,800

East Midlands

28%

12%

£182,166

£21,800

West Midlands

29%

11%

£185,082

£20,300

East of England

12%

10%

£286,623

£28,700

London

33%

17%

£481,556

£81,800

South East

21%

9%

£320,168

£28,800

South West

18%

10%

£246,159

£24,600

Wales

15%

8%

£151,672

£12,100

Scotland

21%

12%

£144,253

£17,300

N.Ireland

29%

5%

£128,650**

£6,400

U.K.

24%

12%

£223,257

£26,800


Source:- http://www.propertyindustryeye.com/parents-willing-to-spend-12-extra-to-live-in-school-catchment-area/