Walking 500 miles is nothing – Scots parents are going further for their kids education
Being a parent is not cheap, this isn’t news and the premise of Santander Mortgage’s recently published research won’t surprise readers, but the figures it reveals might. Findings highlight exactly how valuable the right school has become, and what it’s costing parents.
Results, published as school terms start and the number of properties available after the Summer lull increase, illustrate a rise in the number of parents moving for the sake of their offspring’s education. And the big premium that can accompany that move.
4,500 people were surveyed by Santander and findings revealed that more than a quarter of parents (26%) have moved house to be in the right area for their desired school.
According to the research, buyers in Scotland are willing to spend 21% more for a property in the right school’s catchment area. With the average price of a property at £180, 000, that 18% is, on average, £37,800, over ten thousand pounds more that the average UK full-time salary of £27, 195.
In recent years being within the right catchment area has been a higher priority on moving family’s wish lists, and not just for buyers. Tenants and home owners alike were among the surveys respondents and both groups reported putting their children’s education ahead of their own needs. One in four reported leaving their dream home in favour of one in a desired school’s catchment area.
26% of respondents admitted that they had committed financially by paying more for a property than they could afford and a third moved away from their support network of family and friends proving that getting the right education is worth more than simply financial sacrifice.