Moving into the catchment area of a good school is becoming an increasingly important issue for concerned homebuyers, according to new research from Santander Mortgages.
It found that for 37% with a child aged 10 or under, this was their top priority with many willing to pay an extra £12,141 to secure the home – and school – of their choice.
The Santander study reveals that people planning a move would be willing to pay an extra £5,663 on average to be able to move into a good catchment area. Of those who plan to buy a new home in the next five years, 15% say school catchment areas is one of their main priorities with many homebuyers willing to pay a much higher premium.
Meanwhile 26% of those with a child aged 11 to 17 see it as a major concern, and would be willing to pay a £11,564 premium for the privilege.
And the results differ across regions where places for schools can be more competitive. In the South East of England, for example, people would be willing to pay an extra £10,961 for a home in the catchment area of a good educational establishment. Homebuyers in the West Midlands are most concerned about moving into a good catchment area, with one in four of them (26%) citing it as a main priority, double the percentage that was concerned about this the last time they bought a home (13%). In the North East only 6% of buyers showed a particular interest in the catchment area the last time they purchased a home, but some 16% of people planning to buy a property in the region now consider it a main priority.
The research suggests 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
