One in four parents move house to get kids into a good school
Families are prepared to spend an extra 12% to bag their chosen school catchment address, adding £26,800 to the average UK property price, according to research from Santander Mortgages. This is only a little less than the average full-time salary in the UK, which currently stands at £28,213.
One in five of these parents admit they had to change jobs in order to get their kids into their preferred school, while 20% said they were forced to downsize and 19% moved to an area where they didn’t feel safe.
A quarter said they overstretched themselves, paying more for the property than they could realistically afford and over a quarter moved to a location that was far away from family or friends.
But nearly half (44%) of all those who moved to a certain catchment area admit they will leave as soon as a school place is secured. In London two thirds (66%) of parents plan to move as soon as their child has a place at the school.
Miguel Sard, managing director of mortgages, 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.
“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.”