Parents pay premium for access to a good school.
THREE quarters of parents living in the North East have bought or rented a new property just to get their children into their desired school, according to a new study.
Research from Santander has found how parents are willing to pay a premium of up to 18% to get into the right catchment area, which works out at just over PS32,000 at current average house prices, rising to PS77,000 in London.
Households in the North East (46%) are more than four times as likely to make such a move than those in Wales (11%), according to Santander.
A quarter said that they were forced to down-size, 31% moved to an area they did not like, and 26% admitted they 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 among young families - but can often come at a cost."