The effect of school catchments on property purchases
It's that time of the year again – back to school season. Little ones, and not so little ones, have in the last few weeks been returning to infants, primary or secondary schools in their droves after the long summer break.
School catchment areas also become a pivotal consideration for parents around this time. Parents, eager for their children to be in the best-performing schools, want to be in the right catchment areas to make this possible – and it seems are often willing to pay a premium to realise their dreams.
Parents are willing to spend big to get their children into the ‘right’ school, with a quarter moving house to ensure they are in the ‘right’ catchment area.
Research carried out by Santander Mortgages has revealed that prices in desirable areas are being pushed up by nearly £27,000 by parents determined to secure a place for their children at their chosen school.
According to the findings, one in four parents with school-age children have either purchased or rented a new property with the right address for a particular catchment area. What’s more, they are willing to pay an additional 12% on top of the market value of a home to set their children on the right path.
Some 51% sold their previous home to finance a move to a specific catchment area, while a fifth are renting and a further third acquired a second home. In some cases, the financial impact of this is considerable, with a quarter of parents admitting that they have overstretched themselves on their mortgage.