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One in four parents have moved home to be within their desired school catchment area
Watch our video featuring Carole Smilie as we look at this ever increasing trend in family living
Shockingly, over a quarter (26 per cent) of parents with children of a school age have either bought or rented a new property in order to secure an address within their desired school catchment area, according to new research by Santandaer Mortgages
The study also found that families are prepared to spend 11 per cent more - equating to £23,707 in the current property market2 – in order to move to their desired catchment area. This is just under the average full-time salary in the UK, which currently stands at £27,6003.
The sacrifices made by parents to be within these sought-after catchment areas go far beyond financial, with many of those surveyed saying they have had to change jobs as a result of the move.
Parents also admitted to feeling overstretched paying more for the property than they could realistically afford whilst others admitted to have moved to a location that was far away from family or friends.
This trend looks set to continue as more than half parents who expect to move house before their children leave school say catchment areas will have an impact on where they choose to live.
The average premium paid by parents for a property in their desired school catchment area ranges from seven per cent in the South West, to 15 per cent in London. As a result of higher property prices, London also has the highest value premium at £71,539.
Watch our video featuring Tv presenter Carole Smilie as she gives parents some top tips of what to keep in mind if this is an issue you are faced with to help you make the best decision not only for your child’s education but for your family too.