You are here: Home - Mortgages - Remortgage - News -

One in four parents move house to get kids into a good school

0
Written by: Christina Hoghton
23/08/2017
A quarter of parents have had to move home to ensure they’re in the catchment area of the school they want their children to go to, research suggests.

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.

Making sacrifices

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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
ID theft
Identity theft reaching ‘epidemic levels’, says Cifas

Those in their 30s are most likely to be victims of identify theft, according to fraud prevention group Cifas.

Close