House can cost £70K more near top state school
PARENTS are paying up to £70,000 over the odds to live in the catchment area of England’s top 100 state schools.
Homes in the target area for the best-performing secondary schools cost 42% more than similar properties nearby which fall outside.
And even being near the top 1,000 primaries can add 8% to house prices.
On average, parents are willing to pay an extra £26,860 to get near to the right school – even if it means taking a second job, travelling further to their own workplace or squeezing into a smaller home.
The survey of 4,000 adults by Santander Mortgages found the “catchment area premium” in London stands at £70,675.
Elsewhere in the South East it is £40,294. In the North West, where house prices are lower, parents pay £14,393 extra to be near a top school. The South West is the next lowest at £18,091.
Schools’ ratings are based on the percentage of pupils getting five or more top GCSE grades.
To get their child into the best, almost a quarter of parents – 23% – paid significantly more for a home than they felt they could afford, while one in five had to downsize. A quarter saw commuting costs soar, and 24% took on extra hours at work to pay a bigger mortgage. Some try to “game the system” by moving children to stay with friends and relatives in a catchment area. One in eight have registered a child at another address in a catchment area – but not actually moved them. And nearly one in 10 rent a second property in the “right” area but of those who do move, 54% aim to move out again once they have their school place. Santander’s Miguel Sard said: “Families can expect a hefty price. Parents are prepared to sacrifice a lot to give their child the best start.”