A QUARTER of families in Yorkshire have bought or rented a new property to get their children into their desired school, according to research published today.
The study by Santander has highlighted how parents are willing to pay a premium of up to 18 per cent to get into the right catchment area, which works out at just over £32,000 at current average house prices, rising to £77,000 in London.
Households in London and the North East are more than four times as likely to make such a move than those in Wales, according to Santander.
In the Yorkshire and Humber region, 25 per cent of households have bought or rented a new property to ensure they get the desired school for their children.
The sacrifices go far beyond higher prices, with almost a third of those surveyed having changed jobs as a result of the move.
A quarter said they were forced to downsize, 31 per cent 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, the managing director of Santander’s mortgage division, 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.”