One in four parents have moved to a new area to help secure a school place for their child, new research has found.
According to Santander Mortgages, those families willing to move are prepared to spend a 12% premium for their desired catchment area, equivalent to an extra £26,800 in the current property market.
However, one in four admit they overstretched themselves, paying more for the property than they could realistically.
It is not just financial sacrifices parents are will to make. A fifth of those who moved changed jobs, while one in five downsized. Many are even moving to areas where they feel unsafe or away from family or friends.
The bank’s study suggests that the moves made by many of these families are temporary, with only 26% planning to continue living in the area once their child leaves school. More than four in 10 of those who moved to be within a catchment area said they will leave as soon as their child has secured a place. This figure rises to two-thirds for parents in London.
Amongst families who have moved to be within their desired catchment area, 51% said they had sold their previous property and purchased a new one within their chosen area. Three in 10 said they purchased a second home in the catchment area, while one in five secured their desired address by renting a property.
This trend looks set to continue as four out of 10 of parents who expect to move house before their children leave school say 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, especially in London where competition for school places is fierce. We urge parents not to over-stretch themselves, but to find a mortgage provider that not only offers competitive rates and products but also has the expertise to ensure that the right deal is secured and the repayments are affordable.”
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