Yet another set of recently published numbers suggests that it is now taking 3 or 4 times longer to save for a deposit to buy a house than it did in the 80’s! What can be done?
If you want to get your kids into the best schools you need to live in the best catchment areas. This puts further pressure on the local housing market.
Santander research indicates that house prices can rise by up to 42% in the catchment of really good schools. An average price tag of £420,000, means parents are forced to decide whether their child’s education is worth paying the extra or downsizing.
House prices near top state schools have risen by 39% in the past 5 years compared to just 22% across the country as a whole [Lloyds Bank research]. This increases financial pressures, parents may have to work longer hours, or move to an area they don’t particularly like or have to rent.
Would you sacrifice your hard-earned money to be in the catchment area of a top state school? Olympic Gold medallist, Sally Gunnell, and Santander’s Head of mortgages, Graham Sellar, join Simon on Money Talk this Friday at 1pm to discuss this and the ever upward march of UK property prices.