Living in the catchment area for one of England’s top 100 state schools will add an additional 42% to your house price, new research by Santander has revealed.
So desirable is property close to the country’s best state secondary schools, as many as 20% of families have downsized into order to secure a home in close proximity.
But many parents with school age children were happy to pay an additional £26,860 on top of the usual property price to bag a home in these districts, with nearly a quarter taking on extra hours at work to afford these homes.
Indeed, many also thought they had paid ‘significantly’ more for a property than they felt they could afford in their bid to be close to a high performing secondary school. Others had to fork out more to commute to their job so they could re-locate to be closer to the best school.
It’s not just the best secondary schools which boost house prices, homes close to England’s top 1,000 primary schools come with a 8% premium.
Miguel Sard, managing director of mortgages at Santander UK, said: “If parents are looking to move into a catchment areas specifically to boost their chances of getting into an elite school, they can expect to pay a hefty price.
Getting the right mortgage
“It is important when considering purchasing a property that people understand the true costs as the house price is just one of many.
“Stamp duty, solicitors’ fees and moving costs mount up. Parents are prepared to sacrifice a lot to give their child the best start in life and given these costs, it is important to find a mortgage lender that offers the best rate for you to ensure repayments are manageable and the buying process is as smooth as possible.”
What’s the premium in your region?
Catchment areas premiums, according to Santander, vary according to which part of the country the homes are located. In London the price tag will soar by an additional £70,675 and parents would be willing to pay 15% more to live in in the vicinity of their first-choice school – more than anywhere else in the UK.
In the South East people are prepared to pay an additional £40,294 to live in the catchment area of the top schools.
But while many are prepared to make financial sacrifices to secure a place in the best school, the research revealed others are prepared to go to great lengths in pursuit of the best education for their child.
Santander discovered parents had moved their children to stay with friends or family in the catchment area, rented a second home close to the school or registered their son or daughter to a different address.
Premiums by region
| Region | Average premium buyers have paid or are prepared to pay additional percentage on original property price* | Average property price for that region | Average school catchment premium for this region* |
| London | 15% | £478,853
|
£70,675
|
| South East | 13% | £322,096
|
£40,294
|
| North East | 12% | £128,680
|
£15,442
|
| Yorks & Humber | 12% | £158,966
|
£19,076
|
| East Midlands | 12% | £190,216
|
£23,239
|
| Scotland | 12% | £149,004
|
£18,519
|
| East of England | 11% | £288,808
|
£30,658
|
| West Midlands | 10% | £192,322
|
£18,564
|
| Wales | 10% | £148,894
|
£15,499
|
| North West | 9% | £157,531
|
£14,393
|
| South West | 7% | £251,877
|
£18,091
|
| N. Ireland | 5% | £130,026
|
£2,731
|
| UK | 12% | £223,257 | £26,860
|
Source: Santander Mortgages, 2018
