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

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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?

RegionPercentage of parents who have bought or rentedAverage premium buyers have paid or are prepared to pay additional percentage on original property price*Average property price for that regionAverage school catchment premium for this region*
North East37%14%£130,065£18,200
North West17%13%£156,392£20,300
Yorks & Humber33%10%£157,762£15,800
East Midlands28%12%£182,166£21,800
West Midlands29%11%£185,082£20,300
East of England12%10%£286,623£28,700
South East21%9%£320,168£28,800
South West18%10%£246,159£24,600
N. Ireland29%5%£128,650**£6,400

Mortgages – Find cheapest rates from 0.98%

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Written by: Houseladder