Top state schools incur 42% house price premium
Living in the catchment area of one of England’s top 100 state secondary schools incurs a 42% house price premium compared to the surrounding area, Santander Mortgages research found.
The study calculated that parents with school age children are typically willing to pay £26,860 more to live in their catchment area of choice.
Miguel Sard (pictured), managing director of mortgages at Santander UK, said: “Living in the vicinity of a top ranked school carries a significant house price premium.
“If families are looking to move into a catchment area specifically to boost their chances of getting into an elite school, they can expect to pay a hefty price.
“It is important when considering purchasing a property that people understand the true costs as the house price is just one of many. Stamp duty, solicitors’ fees and moving costs mount up.
“Parents are prepared to sacrifice a lot to give their child the best start in life and given these costs, it is important to find a mortgage lender that offers the best rate for you to ensure repayments are manageable, and the buying process is made as smooth as possible.”
Three in 10 (30%) parents with children aged 4-18 are considering moving in the next two years to ensure they are in their preferred school catchment area.
However, almost a quarter of parents have or would consider, purchasing a less expensive property to send their children to private school.