Parents are willing to pay 15% premium on properties within catchment areas of top schools, which is a further £40,500 on the current UK average property price, Santander reveals.
The research found that one in 10 would go as far as far as paying an over 25% extra.
It comes as Santander suggests parents are increasingly compromising financially and feeling the emotional strain of getting their kids into a top school catchment area.
The data shows that three-quarters of UK parents (73%) would be prepared to pay extra to be in the catchment area of a good school, an increase of 11% on last year.
Parents would also be willing to uproot and move an average of 31 miles to bag a place in a top-tier school, which is nine miles further than a year ago.
However, many parents may find that their appetite for stumping up more money isn’t enough, as Santander analysed the top 50 primary and top 50 secondary schools in the UK and found the average price of a home to be £538,490 – 42% higher than the average house price in the UK (£379,517).
Santander head of homes David Morris says: “Competition amongst parents to get their child into their top choice primary or secondary school is fierce and it’s clear that this is taking a significant toll on families.”
“Parents are understandably digging deep into their financial and emotional reserves to give their children a great education.”
“There is good news for parents however, as a record number of properties coming to the market, combined with stabilising interest rates and improved affordability, will hopefully help some of them bag an outstanding home in their dream catchment area.”
