06 Sep 2017

Good schools make parents move and spend more, according to study

Good schools make parents move and spend more, according to study

One in four UK parents have either bought or rented a new property to secure an address in their desired school-catchment area.

New research from Santander Mortgages also found that those families willing to move were prepared to pay a 12% premium for a home - equivalent to an extra £26,800 in the current property market.

Parents are going to great lengths to be within sought-after catchment areas, with their sacrifices going far beyond financial. 

A fifth of those who moved changed jobs, while a similar number were forced to down and 19% moved to an area where they did not feel safe. 

Overstretched

One in four admitted they overstretched themselves, paying more for the property than they could realistically afford, and 26% moved to a location far away from family or friends.

The bank’s study also found that relocations made by many of these families were only temporary, with just 26% planning to continue living in the area once their child left school. 

Four in 10 of parents who expected to move house while their children are still at school said catchment areas will dictate where they choose to live.

Miguel Sard, managing director of mortgages at 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."

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