Desperate parents are paying an extra £32k for homes near to top schools
DESPERATE parents are paying an average of £32,127 extra to live in the catchment areas of top-performing schools.
A survey concludes 1.8m households have paid over the odds for their property just to secure a good place.
And 31 per cent of the 4,570 people questioned have gone so far as to change jobs to give their children a helping hand.
Number of parents moving to their desired school catchment area is increasing, according to Santander research
The extent to which parents are resorting to to live within their desired school catchment area has been revealed in new research from Santander Mortgages as competition for places at the UK’s best schools continues to increase.
The bank surveyed just over 4,500 people to find families are prepared to spend over £32,000 to be near their most sought after school – significantly more than the average full-time UK salary of £27,195.
School places desperation revealed: Millions of parents relocate their families at a cost of £32,000 and even change jobs to secure their child a better education
Millions of parents have moved house and even changed jobs to be within their desired school catchment area, research shows.
One in four parents has relocated their family so their children qualify for a place at a good school.
But a survey found almost half of all families who move to be within a catchment area will leave as soon as they have secured places for all of their children.
Less than a quarter said they planned to live in the area they had moved to for their children long-term.
Having kids is hugely expensive (I’m told), and buying a house is hugely expensive (I know) – so it stands to reason that buying a house as a parent comes with particularly expensive demands. Still, an extra £32,000 on average? That’s no small amount. What civic-minded institution can we thank for paying for this ‘research’ to appear in the media?
The study by lender Santander says a quarter were forced to downsize to a less attractive home while 31 per cent moved to an area they did not like.
The angle is clear: convince parents that they ought to be aiming high to keep up with the Jones’, and then be the ones to hold their hand when they over-stretch on the mortgage. Fortunately, that’s the kind of dependable and risk-free system sound economic models are based on, with no history of ever having gone wrong in the past…
Santander’s Miguel Sard said: “Being within a certain school catchment area can often come at a cost.
It’s important that parents don’t stretch themselves beyond their means.”
Wise words, Mr Sard, but we’d be more inclined to take them at face value in something other than a glorified advert for your services.