Families are not just prepared to move home to be within the catchment of the best schools for their children but also spend an extra 12% on the price of a property, new research has found.
Some 20% have changed jobs and 24% have bought or rented in a specific area although 44% say they are likely to move again once the school place is secured, according to the study from Santander mortgages.
Of those willing to move, they are also prepared to spend a 12% premium for their desired catchment area, equivalent to an extra £26,800 in the current property market.
Other sacrifices include 20% saying they have downsized and 19% moved to an area they did not like while 25% 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.
The bank’s study suggests that the moves made by many of these families are temporary, with only 26% planning to continue living in the area once their child leaves school while 44% said they will leave as soon as their child has secured a place and this rises to 66% for parents in London.
Amongst 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, 30% said they purchased a second home in the catchment area, while 19% secured their desired address by renting a property.
This trend looks set to continue as 40% of parents who expect to move house before their children leave school say catchment areas will dictate where they choose to live.
‘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,’ said Miguel Sard, managing director of Mortgages, Santander UK.
‘Buyers need to do their research as properties in catchment areas often come with a hefty price tag, especially in London where competition for school places is fierce. We urge parents not to over stretch themselves, but to find a mortgage provider that not only offers competitive rates and products but also has the expertise to ensure that the right deal is secured and the repayments are affordable,’ he added.
