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.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week