As many parents bid to guarantee their children’s place at the top state schools, it seems more and more are paying above the average full-time salary to move to desirable catchment areas
Research by Santander has found that more than a quarter of families have bought or rented a new property to make sure their children go to the right school.
The survey of nearly 1,100 parents has highlighted how parents are willing to pay a premium of up to 18 per cent more in England, Wales and Scotland.
That works out at just over £32,000 at current average house prices, rising to £77,000 for those who live in London.
Miguel Sard of Santander said: “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 amongst young families – but can often come at a cost.
“Many of these sought-after areas command significant premiums, so it’s important that parents don’t stretch themselves beyond their means if they are looking to move.
“Finding a mortgage provider that not only offers competitive rates but also has the expertise and range of products to ensure that the right deal is secured is absolutely key to this.”
The research also found that almost a third of parents have changed jobs as a result of the move and a quarter said they were forced to downsize, with 31 per cent saying they moved to an area they did not like.
This comes as statistics released in July 2015 revealed that the UK baby boom is putting pressure on English secondary schools.
The number of those at state schools in England is forecast to rise by nearly a million, reaching 8 million within a decade, according tothe Office for National Statistics.
Data from Eurostat also published this year shows there is a growing trend for large families.
It claims the average UK home now contains four or more children, much higher than at any time since the early 1970s.
In 2013 some 9.5 per cent of babies born in the UK had three or more older siblings.
For more information visit The Good Schools Guide Advisory Service: www.gsgexpertschoolsconsultants.co.uk