Properties in an area with a good school are likely to attract a premium of almost £27,000 from parents, according to recent data.
Santander reports that in London, parents are prepared to pay an average premium of £81,000 to live in the right catchment area for their children’s education. A quarter of parents with children of school age said that they had rented a home, or bought a new house, so that they could live in an area with better schools. One fifth had even changed jobs so that they could live in a better school catchment area.
According to research by Santander, parents will pay an average of £26,800, or 12% more, to live near their preferred school. However, 44% of parents said that when their children left school, they would move out of the area. For many parents, it is cheaper to pay a premium to live near a good school than to pay for private education.
Among sacrifices being made to ensure a good education for their children are moving to an area where they felt unsafe, and downsizing. A quarter of respondents admitted that the cost of moving had left them financially overstretched, while others had moved away from their friends and family. Existing homeowners who reside close to some of the best schools will be celebrating, as they are able to sell their homes for a premium.
Parents may want to ensure they find the very best mortgage deal to keep costs as low as possible, which is why they are advised to consult CeMAP qualified mortgage advisors.