The first week of school is over and the sound of rejoice sweeps the nation as parents finally enjoy their afternoons. However, with the end of the summer holidays comes the start of a whole new school year and the dreaded battle for a catchment area.
Santander Mortgages have highlighted the true battle that parents face as they scramble to the start line for the first day of school. A Survey conducted by Santander Mortgages, answered by more than 4,000 parents with children of school age, showed that 24% had purchased or rented a property to secure an address within a particular school catchment area.
The Poll further elaborated that of those parents who purchase or rent a property to secure a catchment address, shows that they are willing to spend on average 12% more on a property to live in that desired location.
Catchment Area Breakdown
- The average 12% increase in property spending equates to£26,800 extra, based on average Land Registry prices of £223,257, so they have a better chance of getting their child into a school of their choice.
- This equates to Among 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.
- Another 30% said they purchased a second home in the catchment area, while 19% secured their desired address by renting a property.