One in four (24 per cent) parents with school age children 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 Santander.
The study also found that those families willing to move are prepared to spend a 12 per cent premium for their desired catchment area, equivalent to an extra £26,800 in the current property market. This is just under the average full-time salary in the UK, which currently stands at £28,213.
Parents are going to great lengths to be within these sought-after catchment areas, with their sacrifices going far beyond financial. A fifth (20 per cent) of those who moved changed jobs, while 20 per cent say they were forced to downsize and 19 per cent moved to an area where they did not feel safe. One in four (25 per cent) admit they overstretched themselves, paying more for the property than they could realistically afford and 26 per cent moved to a location that was far away from family or friends.
The study suggests that the moves made by many of these families are temporary, with only 26 per cent planning to continue living in the area once their child leaves school. More than four in 10 (44 per cent) of those who moved to be within a catchment area said they will leave as soon as their child has secured a place. This figure rises to two thirds (66 per cent) for parents in London.
This trend looks set to continue as 40 per cent of parents who expect to move house before their children leave school say catchment areas will dictate where they choose to live.
Original source: http://www.santander.co.uk/uk/about-santander-uk/media-centre/press-releases