Schools And Location, Location, Location It Is

It’s all about location, location, location when buying a home and for many with young children the top prority is being in the catchment area of a good school.

Research from Santander Mortgages shows that homebuyers are increasingly looking to move into the catchment area of a good school.

In fact this is now a top priority for over a third of homebuyers with a child aged 10 or under. Many are willing to pay a significant premium too to achieve this.

On average, people planning a move would be willing to pay an extra £5,663 to move into a good catchment area.

And it’s not just families with young children who are concerned, over a quarter of those with a child aged 11 to 17 see it as a major concern, and would be willing to pay a £11,564 premium for the privilege.

The research suggests that women are much more concerned about moving into a good catchment area than men and are willing to pay a £7,281 premium in comparison to £4,456 for men.

Phil Cliff, Director of Santander Mortgages, commented:  “People are increasingly concerned about the value of a good education, and in some areas of the country, there is a significant amount of competition for places at sought-after schools.

“This has led to many parents trying to move to a particular area deliberately to improve their child’s chances of getting into their desired school.

“Some in-demand property features such as being located within the catchment area of a good school can increase the property value considerably, so it is important that prospective buyers get the best mortgage product for them in the long term.”

Santander for example has a five year fixed rate mortgage at 85% LTV at 5.69%. This is aimed at first time buyers and movers alike.

For first time buyers and movers with small deposits, Santander is also offering a competitive two year fixed at 90% LTV at 5.55% and a three year fixed at 90% LTV at 5.99%.

MoneyHighStreet comments: “Pressure on families to get the right education for their children is enormous. As this research shows no longer is proximity to work, whether the house is on a main road or has a big garden focused on by many as they buy a new home, rather it is the location in relation to a good school.

For some an option is to have their children privately educated. With the significant cost though that this entails it has to be ruled out by many. Opting for paying a premium to live in the catchment area of a good school is perhaps more viable.

If you are not familiar with an area it is important to appreciate that understanding the schooling options takes time. Some of this can be done at home online, for example  looking at Ofsted reports. You may also want to take time to visit a prospective school, perhaps linking this in with viewing potential property to buy.

And the research and selection has ideally to be tied in with the application timetable for a school. This usually starts in the autumn term, depending on the age of your children and whether you are applying for a primary or secondary place.

So getting the best mortgage is of course vital but as can be seen it is only one part of the moving house jigsaw.”