One in four parents move house to hit school catchment areas

One in four parents move house to hit school catchment areas
Buyers need to do their research as properties in catchment areas often come with a hefty price tag, especially in London where competition for school places is fierce.

24% of 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 research from Santander Mortgages.

Families willing to move are prepared to spend a 12% 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 £28,2133.

A fifth of those who moved also changed jobs, while 20% say they were forced to downsize and 19% moved to an area where they did not feel safe. One in four (25%) admit they overstretched themselves, paying more for the property than they could realistically afford and 26% moved to a location that was far away from family or friends.


The bank’s study suggests that the moves made by many of these families are temporary, with only 26% planning to continue living in the area once their child leaves school. 44% 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%) for parents in London.

Amongst families who have moved to be within their desired catchment area, 51% said they had sold their previous property and purchased a new one within their chosen area. 30% said they purchased a second home in the catchment area, while 19% secured their desired address by renting a property.

This trend looks set to continue as 40% of parents who expect to move house before their children leave school say catchment areas will dictate where they choose to live.

Miguel Sard, Managing Director of Mortgages at Santander UK, said: “Living within a certain school catchment area is top of the wish list for many families but often these addresses come at a premium. Our study highlights the significant financial and lifestyle sacrifices that parents are making to be within the catchment area of a desired school.
 
“Buyers need to do their research as properties in catchment areas often come with a hefty price tag, especially in London where competition for school places is fierce. We urge parents not to over-stretch themselves, but to find a mortgage provider that not only offers competitive rates and products but also has the expertise to ensure that the right deal is secured and the repayments are affordable.”

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Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

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Scott Garnet
Scott Garnet 06 Nov 2017

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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