Third of parents would pay extra for school catchment property

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Third of parents would pay extra for school catchment property

Santander has claimed that mortgage customers are increasingly prioritising school catchment areas when choosing a property.

In recent figures released by the company, more than one in three parents with children under ten viewed moving into a catchment area of a good school as their main concern, even if it meant an extra £12,000 on their mortgage to pay for the increase in price.

These numbers only slightly decreased for parents of 11 to 17-year-olds, with the average expense dropping to £11,564 as just over a quarter (26 per cent) rated catchment areas as their primary concern.

With such in-demand property features like school postcodes driving up property values considerably, it is "important that prospective buyers get the best mortgage product for them in the long term", commented director of Santander mortgages Phil Cliff.

Santander, as one of the six largest UK high street retail banks, contributed to a net mortgage lending growth in July of 1.7 per cent - this being 0.7 per cent ahead for the whole mortgage market in June - according to British Bankers' Association figures released today.

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