25 per cent of parents relocate to send children to their choice school
23rd September 2015 12:06 - Education
According to a recent survey by Santander, 25 per cent of parents in the United Kingdom have previously relocated to secure a place at a good school for their children, with 1 in 6 of the parents saying that they deliberately purchased or rented a property in the catchment area of a choice school.
The research, which surveyed approximately 1,100 people, also revealed that some parents were willing to pay considerably more for a property nearby their choice school. The study used the data from the Land Registry and the Registers of Scotland and found that some parents were open to paying an 18 per cent premium for a property nearby their choice school. Bearing in mind the average price of a house in England, Scotland and Wales is £180,000, 18 per cent is equivalent to £32,000.
The survey findings also revealed that those in London were most likely to pay above the national average for a house close to their desired school, the survey findings showed that parents in London were most likely to pay a premium of £77,000.
Those from North East England and Scotland were willing to pay the biggest percentage premium, with the respondents saying that they would pay 21 per cent more. This percentage would translate to £34,000 for a house in Scotland and £21,000 for a house in the North East.
The respondents from Wales revealed that they would be open to paying 15 per cent, or £17,000, more for a house if it meant sending their child to a good school.
Yorkshire and Humberside was the only area where parents were only willing to pay a single figure premium, with the respondents saying they’d be willing to pay 8 per cent more, or £9,500.
Miguel Sard, Santander UK’s Managing Director of Mortgages, said of the research findings:
“With competition for school places fiercer than ever, parents are making significant financial and lifestyle sacrifices to be within the catchment area of desirable schools.
“All buyers will have a wish list of what they want their new home to have, and being within a certain school catchment is increasingly common among young families but can often come at a cost.”
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