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£12K – the price of a good home and education

£12K – the price of a good home and education

Category: Mortgages

Updated: 24/08/2011
First Published: 24/08/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Prospective homebuyers with children will pay up to an extra £12,000 to snap up a home within the catchment area of a good school, it has been revealed.

The quality of education on offer to their offspring is becoming an increasingly important issue for homebuyers, according to Santander Mortgages.

Its survey revealed that for more than one in three (37%) homebuyers with a child aged 10 or under, a good school was their top priority, with many willing to pay an extra £12,141 to secure the home - and school - of their choice.

On average, people planning a move would be willing to pay an extra £5,663 to be able to move into a good catchment area.

Of those who plan to buy a new home in the next five years, a quarter (26%) of those with a child aged 11 to 17 see it as a major concern, and would be willing to pay a premium of £11,564 for the privilege.

The research suggested that women are much more concerned about moving into a good catchment area than men and are willing to pay a £7,281 premium in comparison to £4,456 for men.

Phil Cliff, director of Santander Mortgages, said people are increasingly concerned about the value of a good education, and in some areas of the country, there is a significant amount of competition for places at sought-after schools.

"This has led to many parents trying to move to a particular area deliberately to improve their child's chances of getting into their desired school," he added.

"Some in-demand property features such as being located within the catchment area of a good school can increase the property value considerably."

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