School catchment areas important for homebuyers
Tuesday, 23 August 2011 11:36 AM
Moving into the catchment area of a good school is becoming an increasingly important issue for homebuyers, according to research out today.
A new study by Santander Mortgages has revealed that more than one in three Brits (37 per cent) with a child aged ten or under cite school catchment areas as their top priority. Furthermore, many are willing to pay extra to secure a home close to a good school.
The study found people planning a move would be willing to pay an extra £5,663 on average to be able to move into the catchment area of a high-performing school.
Of those who plan to buy a new home in the next five years, 15 per cent say school catchment area is one of their main priorities with many homebuyers willing to pay a much higher premium.
One in four (26 per cent) of those with a child aged 11 to 17 see it as a major concern, and would be willing to pay an £11,564 premium for the privilege.
In the South-East, people would be willing to pay an extra £10,961 for a home in the catchment area of a good educational establishment.
Homebuyers in the West Midlands are more concerned about moving into a good catchment area than any other region, with one in four of them (26 per cent) citing it as a main priority, double the percentage that was concerned about this the last time they bought a home (13 per cent).
In the North-East only six per cent of buyers showed a particular interest in the catchment area the last time they purchased a home, but some 16 per cent of people planning to buy a property in the region now consider it a main priority.
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