New research shows that 23 per cent of parents are prepared to pay between two and 10 per cent extra for their house, while nearly one in 10 (eight per cent) said they would fork out more than 10 per cent extra.
The extra cost would mean a substantial outlay. For example, an additional 10 per cent on the cost of a typical UK home valued at £170,514 would mean buying a house worth £187,565. This would require an extra deposit and extra monthly mortgage repayments.
The survey, carried out by YouGov and published by the Nationwide Building Society, also revealed that parents are already making their house purchase choices based on schools.
“Nearly a quarter of those questioned (22 per cent) admitted that a school league table or Ofsted rating had influenced where they had chosen to live.
Richard Napier from Nationwide said: “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 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.
“Taking the cost of a typical UK home, any parent willing to pay 10 per cent more would need to find an additional £17,000 on the total cost of a house, which is a lot of money in the current climate. And this is before you factor in the cost of items such as uniform, PE kit, lunch and travel to and from school.”
YouGov quizzed more than 1,000 parents of children aged between five and 16 who will be attending school next year.