Parents pay extra £26,000 to live near best schools
Parents with school age children are willing to shell out an extra £26,860 on average on top of the property price to live in a desirable catchment area, the study by Santander UK found.
Miguel Sard, managing director or mortgages at the bank, said: “Living in the vicinity of a top ranked school carries a significant house premium. If families are looking to move into a catchment area specifically to boost their chances of getting into an elite school, they can expect to pay a hefty price.”
Unsurprisingly, the catchment area premium is highest in London where parents are willing to pay £70,675 more to live near their first-choice school.
The South East ranks second, with parents prepared to pay an additional £40,294.
The findings show parents have had to make sacrifices to get their kids into the ‘right’ school. A quarter saw their commute costs increase, one in six moved to an area they didn’t like and 20% downsized.
Three in ten parents said they were considering moving in the next two years to ensure they are in their preferred school catchment area.