Nationwide Building Society research recently revealed that 20% of parents check a school comparison table or an Ofsted-listed schools before choosing a right place to live, and that two out of five parents are ready to pay more for a new home just to live closer to the top ranked school.
High-quality education is extremely important for parents and due to the school location dependence most of parents book the meeting with agency where they would like to make an offer by paying considerable amount for a new house if it is in a desirable location.
Almost one fourth of British parents that is 23%, with a child between the ages of 5 and 16 are also ready to pay between 2 and 10% above the norm for a new home in order to live in the coverage area of a prestigious school.
Although 2% may seem to be a small amount, with the average UK property price that ranges from £172,000. This percentage adds an extra £3,500 to the total cost of the house. For one out of ten parents who will pay these extra 10% to the offered price of a new home increases the cost to £189,000 requiring parents to pay out an extra £17,000 for their children’s education.
A younger generation of customers who were previously unable to take out a mortgage now have such opportunity due to the first-time purchaser assistance program. This means that families with young children or who are about to start a family have equal conditions with families who get higher incomes, meaning that they will also be able to send their children to the desired schools.
Despite the primary additional costs, living in school’s coverage area will only increase the value of your property. If your school is a highly ranked school at the times when there is a need to move, the resell process of the property is not too difficult.
What additional amount would you be ready to pay to buy a house in a good school’s coverage area?
