Research from Santander has found that a quarter of parents move house in order to be within the catchment area of a good school. Families are also prepared to spend an extra 12% to buy within their chosen school catchment address, adding £26,800 to the average UK property price.
1 in 5 also of those moving to be near a particular school had to change jobs and 20% downsized*. This follows research released by RightMove which found that parents are spending over £50,000 more to live near a good school**.
What this means for home owners and home buyers
Adam Nanson from Your Mortgage Expert comments:
“If you are a looking to purchase a home close to a high performing school, this research shows that you might find you’re paying more than you’d expect for that property and that the market is fiercely competitive. And, this isn’t a new thing, we were talking about people paying more for properties near good school in 2015.
“As such, it’s really important for those home buyers understand what they can afford when they start to look at new homes. And, as such, vital that, when they put their offer in on a competitive property that they understand exactly what they can afford and what their maximum budget is prior to commencing negotiations.”
How Your Mortgage Expert can help
Adam Nanson continues:
“Purchasing a new property can be a stressful experience, especially if you want to purchase in a specific area or if there are a small number of properties available in your chosen area. That’s where a mortgage broker like Your Mortgage Expert can really help.
“We aim to remove the time and stress of applying for a mortgage by doing all the hard work for you. We can research the market to find all the current deals and can make the most appropriate recommendation for you based on your circumstances. Some of the deals we have access to may only be available through independent mortgage advisers like us.”
To speak to Your Mortgage Expert about your next mortgage, call them now on 01722 322683 or complete a contact us form and let them know when they can call you back.
We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.
The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date. For further information, contact Your Mortgage Expert on 01722 322683.
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