Parents are increasingly compromising financially and feeling the emotional strain of getting their kids into a top school catchment area, according to research from Santander UK.
The data, released by the mortgage lender today, found that three-quarters of UK parents (73%) would be prepared to pay extra to be in the catchment area of a good school – up 11% on last year.
The average price premium parents would be willing to pay is 15%, this means stumping up a further £40,500 on a £270,000 property – the current UK average house price.
One in 10 would go as far as far as paying an over 25% extra.
Parents would also be willing to uproot and move an average of 31 miles to bag a place in a top-tier school, which is nine miles further than a year ago.
However, many parents may find that their appetite for stumping up more money isn’t enough, as Santander analysed the top 50 primary and top 50 secondary schools in the UK and found the average price of a home to be £538,490 – 42% higher than the average house price in the UK (£379,517).
Furthermore, research revealed that nearly a quarter (24%) of respondents said the fierce competition has made them feel like they need to earn more money.
Alongside financial implications, parents are experiencing more than just money worries.
Three in 10 (29%) said they have lost friends in the fierce competition for a place in a top school and one in six (15%) have had sleepless nights or argued with a their partner or family (14%).
A third (33%), said the stress of not getting the desired catchment led to them considering home schooling.
Santander research also found that the competition for state school places has worsened since the Government introduced VAT to private school fees.
Over a fifth (21%) of parents whose children are currently at private school said they have plans to move them to a state school due to higher fees. Of this group, over two thirds (69%) say they will relocate to get their children into the best state school catchments.
As a result, parents who had their eyes set on a state school are reporting added concerns for the future, with almost half (46%) saying they are worried that they will now have to compete with those who will no longer be taking up a private school space.
David Morris, head of homes at Santander, said: “Competition amongst parents to get their child into their top choice primary or secondary school is fierce and it’s clear that this is taking a significant toll on families.
“Parents are understandably digging deep into their financial and emotional reserves to give their children a great education.
“There is good news for parents however, as a record number of properties coming to the market, combined with stabilising interest rates and improved affordability, will hopefully help some of them bag an outstanding home in their dream catchment area.”
