Two In Five Parents Would Spend More On A Home Near A Top School

The Nationwide Building Society have publish their research which shows that nearly a quarter of parents of children, aged 5 to 16 years, would pay more for a new home to make sure they are in the catchment area for a "good" school.

The research shows that nearly one in ten parents would be prepared to pay 2-10 per cent extra for a house near the right school.

But this increased cost will also have implications on the cost of the mortgage. By paying an additional 10 per cent on the cost of a typical UK home (£172,127.00) it would mean buying a house worth £189,340.00

Their research shows that nearly one in five parents admit that a school league table or Ofsted rating would influence where they wanted to live.

Richard Napier, Nationwide's divisional director for savings and mortgages, comments: "Choosing the right school for your child is possibly one of the most important decisions a parent will make and it appears league tables and Ofsted reports play a significant part in that decision.

Competition is ever increasing for places at the UK's best schools therefore a significant number of parents are willing to pay more on the price of a new home to ensure their child goes to a good school.

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Lee Chadwick LLP

Oxford Conveyancing Solicitors

Tel: 0845 603 0708