How Much are Parents Willing to Pay to Live Near a Good School

 
British parents are prepared to do whatever it takes to get their children into a new school, including moving into a new home, according to a recent study by Santander.

One in four parents with school age children said they had either bought a new home or rented one in order to be in their desired school’s catchment area, with an additional 20% saying they were forced to change jobs. 44% of those asked said they would leave the area once their child had finished school.

Anyone who has tried to register their child for a new school will know how competitive it can be if the school has a good OFSTED rating and is well-regarded in your local area. Parents are willing to do whatever it takes to secure their child a spot.

Whilst this might seem like a big step to take – especially in terms of cost – the only other option is educating your child privately, which carries a considerably higher price tag.

The demand for property within the catchment areas of sought-after schools means existing homeowners and those who are only choosing to move to the area temporarily can charge a significant premium should they decide to sell.

Half of those who made the move said they sold their home and purchased a new one, 30% said they bought a second home and 19% chose to rent.

The average premium added to the price of a London property in a good catchment area was a shocking £81,800, followed by those in the south east and east which both commanded just under £29,000.

Northern Ireland is the cheapest location for making a catchment move, with those properties worth £6,400, while parents in Wales paid an extra £12,100 and those in Yorkshire paid £15,800.