Living in proximity to one of England’s top state schools comes with a house price premium, new research from Santander Mortgages reveals.
The research shows there is a premium price on houses within the catchment area of top state secondary and primary schools.
It’s no secret that property buyers with children of school age are willing to pay more to live close to high-performing, well-regarded state and public schools, and the same is true in the areas of Wimbledon and Coombe, where the many good schools add to their appeal as a place to live for families.
According to the research, approximately 30% of parents with children aged 4-18 are planning to move in the next few years so that they can live within easy reach of quality education for their children.
As with state schools, the desire to be near a good public school has led some parents to make big sacrifices, the research showed. For example, 20% chose to downsize their home to be in a catchment area, while some 24% took on extra work to fund the premium prices.
The ‘largest catchment area premium’ is in London, where parents are willing to pay 15% more to live within easy reach of their first choice of school.
Managing Director of Mortgages at Santander UK, Miguel Sard, said: “Living in the vicinity of a top ranked school carries a significant house price premium…If families are looking to move into a catchment area specifically to boost their chances of getting into an elite school, they can expect to pay a hefty price.”
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