"Competition amongst parents to get their child into their top choice primary or secondary school is fierce, and it’s clear that this is taking a significant toll on families"
- David Morris - Santander
Parents across the UK are making significant financial and lifestyle compromises to secure a place in a sought-after school catchment, with research from Santander UK showing rising willingness to pay premiums and move longer distances.
Three-quarters of parents (73%) would pay extra to live within the catchment area of a top school, up from 63% last year. The average price premium parents are prepared to pay is 15%, which equates to an additional £40,500 on a £270,000 property, the current UK average house price. One in 10 would pay over 25% more.
Parents willing to relocate would move an average of 31 miles to secure a place at a leading school, nine miles further than a year ago. However, Santander’s analysis of the top 50 primary and top 50 secondary schools shows the average property price in these areas is £538,490, 42% higher than the national average of £379,517.
Financial and emotional pressures mounting
Nearly a quarter of parents (24%) feel they need to earn more to secure their desired catchment. The pressure extends beyond finances, with 29% losing friends in the competition for places. One in six have experienced sleepless nights (15%) or argued with a partner or family (14%). A third (33%) say the stress of missing out on the right catchment has led them to consider home schooling.
Private school fee changes adding to competition
The introduction of VAT on private school fees is contributing to increased demand for state school places. Over a fifth of parents (21%) with children in private school plan to move them to a state school due to rising costs. Of these, 69% intend to relocate to secure a place in a top-performing state school.
As a result, 46% of parents aiming for a state school place are concerned they will face greater competition from families moving from the private sector.
“Competition amongst parents to get their child into their top choice primary or secondary school is fierce, and it’s clear that this is taking a significant toll on families,” said David Morris, head of homes at Santander. “Parents are understandably digging deep into their financial and emotional reserves to give their children a great education. There is good news for parents, however, as a record number of properties are coming to the market, combined with stabilising interest rates and improved affordability, will hopefully help some of them bag an outstanding home in their dream catchment area.”
