Parents in London willling to pay incredible price moving home to be in a school’s catchment area

Parents in London are willing to go to extraordinary financial lengths to turn the school admissions system in their favour.

Research has found nearly half (46 per cent) of families in the capital have bought or rented a new property to get their children into their desired school.

And parents are prepared to pay a massive premium to secure an address in their preferred school’s catchment area.

They are willing to cough up an extra 18 per cent buying a property, which equals a whopping £77,000 in London at current average house prices.

Nearly a third of people surveyed for Santander said they had changed jobs as a result of moving to win a school place.

A quarter said they had been forced to downsize, 31 per cent had moved to an area they did not like and 26 per cent admitted they overstretched themselves and paid more than they could realistically afford.

Miguel Sard, of Santander, said: “With competition for school places fiercer than ever, parents are making significant financial and lifestyle sacrifices to be within the catchment area of desirable schools.

“All buyers will have a wish list of what they want their new home to have and being within a certain school catchment is increasingly common amongst young families – but can often come at a cost.

“Many of these sought-after areas command significant premiums, so it’s important that parents don’t stretch themselves beyond their means if they are looking to move.”

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Author: Shirley