New research by Santander Mortgages has revealed that families are prepared to spend an extra 12% for their chosen school catchment address, which amounts to an additional £26,800 on top of the average UK property price.
The research also found that 24% of parents with school age children have either bought or rented a new property in order to secure an address within their desired school catchment area.
It’s not just financial sacrifices that parents are prepared to make to live in sought-after catchment areas. A fifth (20%) of those who moved changed jobs, while 20% say they were forced to downsize and 19% moved to an area where they did not feel safe. Around 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.
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. Around 30% said they purchased a second home in the catchment area, while 19% secured their desired address by renting a property.
“Living within a certain school catchment area is top of the wish list for many families but often these addresses come at a premium,” commented Miguel Sard, Managing Director of Mortgages, Santander UK. “Our study highlights the significant financial and lifestyle sacrifices that parents are making to be within the catchment area of a desired school.”
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