School catchment area properties preffered by homebuyers

A new report released by the Santander bank has stated that mortgage customers prefer and highly prioritise properties in terms of catchment area. Over a third of homebuyers stated that they would pay an extra £12,000 for school catchment area properties on top of their mortgage.

The majority of families concerned about catchment areas are those with children under ten years old. However 26 percent parents of children aged 11 to 17 years old, also stated that the catchment area of their selected property played a key role in their final decision.

Nonetheless in the north east of the UK catchment areas were seen in the past by only 6 percent as a key factor in purchasing a home. However in recent times 16% of people planning to buy a property in the same region have payed attention to this factor.

Santanders research also suggests that men are willing to pay £4,456 extra for a good catchment area, compared to women with a £7,281 premium.

Reflecting on the high demand for properties in preffered neighbourhoods and the drastic increasing prices in these areas, director of Santander mortgages Phil Cliff stated that it is “important that prospective buyers get the best mortgage product for them in the long term”

photo:flickr/Reading Tom