Quarter of parents buy with school catchment area in mind.
A quarter (26%) of parents are moving house with a school catchment area in mind, research from Santander Mortgages has found.
The study concluded that parents are willing to spend an 11% premium, equating to £23,707 in the current market, in order to move to their desired area.
Miguel Sard, managing director of mortgages at Santander, said: “School catchment areas remain a key discussion point for many parents.
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“Our research shows that with competition for school places remaining high, parents are making significant financial and lifestyle sacrifices to be within the catchment area of desirable schools.
“Living within a certain school catchment area is a priority for many families but these premium addresses can come with a hefty price tag.
“We urge parents looking to move not to stretch themselves beyond their means – finding a mortgage provider that not only offers competitive rates and products but also has the expertise to ensure that the right deal is secured is fundamental to this.”
The study said people in London are willing to pay the highest premium of 15%, which equates to a significant £71,539 in the current market.
Parents are willing to make other sacrifices, with 17% changing jobs as a result of the move, a fifth (20%) being forced to downsize and 15% moving to an area they didn’t like.