Parents are willing to pay 15% premium on properties inside catchment areas of top colleges, which is an additional £40,500 on the present UK common property value, Santander reveals.
The analysis discovered that one in 10 would go so far as far as paying an over 25% additional.
It comes as Santander suggests dad and mom are more and more compromising financially and feeling the emotional pressure of getting their youngsters right into a top faculty catchment space.
The information reveals that three-quarters of UK dad and mom (73%) would be ready to pay additional to be within the catchment space of an excellent faculty, a rise of 11% on final 12 months.
Parents would additionally be willing to uproot and transfer a median of 31 miles to bag a spot in a top-tier faculty, which is 9 miles additional than a 12 months in the past.
However, many dad and mom could discover that their urge for food for stumping up more cash isn’t sufficient, as Santander analysed the top 50 main and top 50 secondary colleges within the UK and located the typical value of a house to be £538,490 – 42% increased than the typical home value within the UK (£379,517).
Santander head of properties David Morris says: “Competition amongst dad and mom to get their little one into their top alternative main or secondary faculty is fierce and it’s clear that that is taking a big toll on households.”
“Parents are understandably digging deep into their monetary and emotional reserves to give their youngsters an amazing schooling.”
“There is nice information for fogeys nevertheless, as a file variety of properties coming to the market, mixed with stabilising rates of interest and improved affordability, will hopefully assist a few of them bag an impressive residence of their dream catchment space.”
Earlier this month, Santander introduced it was boosting its loan-to-income ratio to up to 5.5 instances to permit some joint revenue purposes for top earners to carry their borrowing by nearly 1 / 4.
