Yorkshire parents dig deep to buy homes near choice schools

Super keen parents across Yorkshire who want to get their children in to choice schools are willing to pay an extra 10 per cent above a property's asking price to move in to a catchment area, research reveals.But shockingly, almost half of them might be set to move again as soon as a school place is guaranteed!A third of parents across Yorkshire and the Humber have either bought or rented homes to secure an address in a particular school catchment area, a study by Santander Mortgages discovered.Only in the North East are more parents (37 per cent) prepared to do the same, with London mums and dads joining the Yorkshire set at 33 per cent. Percentages for every other region are lower.The average property price across the Yorkshire and Humber region is currently £157, 762, and the average school catchment premium for the region is £15,800. The UK average premium is £26,800 but in London can reach a whopping £81,800.Other key findings from the survey showed that a fifth of parents across the country have changed jobs in order to get their children into desired schools, and 19 per cent settled in an area where they did not feel safe for the sake of a good school.One in four admit they overstretched themselves, paying more for the property than they could realistically afford, and 44 per cent of all families who move to be within a catchment area, plan to leave as soon as a school place is secured.The study found that, on average across the UK, families are prepared to spend a 12 per cent premium for their desired catchment area, equivalent to an extra £26,800 . This is just under the average full-time salary, currently at £28,213.Among families who have moved to be within their desired catchment area, 51 per cent said they had sold their previous property and bought a new one within their chosen area. Three in 10 (30 per cent) said they purchased a second home in the catchment area, while 19 per cent secured their desired address by renting a property.This trend looks set to continue as 40 per cent of parents who expect to move house before their children leave school say catchment areas will dictate where they choose to live.Miguel Sard, managing director of mortgages for Santander UK said: "Living within a certain school catchment area is top of the wish list for many families but often these addresses come at a premium. Our study highlights the significant financial and lifestyle sacrifices that parents are making to be within the catchment area of a desired school.“Buyers need to do their research as properties in catchment areas often come with a hefty price tag, especially in London where competition for school places is fierce. We urge parents not to over-stretch themselves, but to find a mortgage provider that not only offers competitive rates and products but also has the expertise to ensure that the right deal is secured and the repayments are affordable.”