Would you move house for a school catchment area?
March 26, 2018
Determined parents are pushing up prices in desirable locations by almost £27,000 according to data on the lengths families will go to in order to secure their children at their preferred school.
One in four parents with children of school age have either bought or rented a new home in order to gain the right address for a particular catchment area, they are also willing to spend an extra 12 percent on top of market value for the location of their home. Half sold their previous home to move, a third bought a second home and a fifth are renting.
This doesn’t come without a financial burden, as one quarter of parents admit to overstretching on their mortgage. Another fifth of parents have had to change jobs or downsize on their previous property.
While a quarter of parents plan to leave the area once their child has finished school, an astonishing four in ten plan to move as soon as their child has secured a place.
Earlier this year a study by Rightmove analysed the price of properties in key catchment areas and placed the typical nationwide catchment area premium around schools assessed as “outstanding” by Ofsted at £52,000.