Parents willing to pay 25% premium for top school cat...

Parents are willing pay 25% extra to live in the right catchment area for a top state primary school, research suggests.

New analysis by Santander found parents on average are willing to relocate up to 25 miles to move to their preferred catchment area, similar to moving from Leeds to York.

One in 10 parents were willing to consider relocating more than 40 miles, the equivalent of relocating from Birmingham to Leicester.

It comes as research by the bank shows parents looking to send their children to one of the top 500 state primary schools outside of London are hit with a 5% premium on properties within the catchment area.

In cash terms, parents must pay £21,215 more than the average price of a home in the same area.

Santander data suggests a shift in the priorities of UK homebuyers, with proximity to schools emerging as a critical factor for both men and women when purchasing a property. This surpasses other traditional considerations such as good transport links and closeness to friends and family, marking a notable trend in the housing market.

Almost two-thirds of parents (63%) said they have either paid or would pay extra to live within their desired catchment area, a substantial increase from 2019 when just a quarter (26%) of parents said they would be willing to pay extra.

Additionally, almost a fifth (18%) of parents would sell their home to move to their desired catchment area, up from 13% in 2019.

Graham Sellar, head of mortgage development at Santander, said: “With almost a fifth of people up for taking the plunge and moving homes to secure their child a school place, it’s no wonder that this has created a sizeable ‘school catchment premium.

“However with parents willing to pay more than double the current premium to get into the area, along with prices remaining largely flat over the past 12 months and mortgage rates lower than last year’s highs, parents might find moving more affordable than initially expected.”