Majority would pay more to buy or rent in a school catchment area

Some 95% of buyers and 81% of renters in the UK would pay up to 25% more to live in a home in close proximity to a school, new research has found.

Also, 38% of buyers and 42% of renters would take a lesser listing to be within desired catchment area, according to the survey from online estate agents Urban.

Surveying both those looking for listing to purchase as well as those looking for a rental home confirms how important the school catchment area is for parents when they move home.

Indeed, the school catchment area was the top concern for tenants when choosing a listing. Double the number of prospective tenants would put school catchment area at 30% over being in close proximity to a town at 15%, with this also ranking significantly higher than the desire to be near to a station at 17%.

These results reveal that parents’ needs are widely put on the backburner when compared to those of their children, with people often taking on a far longer commute to be able to ensure that their child has the very best education and shortest journey to school.

With residing close to a school the prominent concern for many, the survey also asked those that were buying a listing, whether they would consider renting if they cannot sell their own listing with 52% saying that they would do so.

‘Quantifying the influence that being in close proximity to a school has on house hunters has been truly eye opening. The results of the survey show that most people would stretch their budget quite considerably, whilst many would also downgrade their listing choice, for the sake of a school,’ said the firm’s founder Adam Male.

‘The results make for particularly interesting reading for those selling a listing within a school catchment area. When marketing the listing, these findings show that real focus should be given to the location of the listing in relation to the nearest school, highlighting the benefits provided as part of the enrolment process and the ease of school run, for example,’ he added.

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Source: Property News Spain