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Would you spend more to live near a good school?

Nearly a quarter of UK parents of children aged 5 to 16 years would move and be prepared to pay between two and ten percent extra on the price of their new home in order to be in the catchment area of a better school, according to new research from the Nationwide Building Society.

Nearly one in ten (eight percent) would be prepared to pay more than ten percent extra for their house and eight percent would pay anywhere up to an additional two percent.

With the typical UK home currently worth £172,127, this could lead to a substantial monetary outlay for parents, says the Nationwide. For example, parents willing to pay two percent more would need to find nearly £3,500 extra. Anyone prepared to pay 10 percent more would add an additional £17,213 to the cost of their new home.

Parents are already making house purchase choices based on schools, says the Nationwide. Its research shows that nearly one in five of parents (18%) admit that a school league table or school Ofsted rating has influenced where they chose to live.

“Competition for places at the UK’s best schools continues to increase and, although household finances remain stretched, it is significant that a number of parents are willing to pay more on the price of a new home to ensure their child goes to a good school,” said Richard Napier, Nationwide’s divisional director for savings and mortgages. 

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