Parents pay £100,000 to live in good catchment areas

A quarter of parents in London would be prepared to spend more money on a new home if it fell within the catchment area of a good state school, a new survey has found.

Research conducted by YouGov on behalf of investment fund manager Fidelity International suggests that 21 per cent of London's parents would be willing to pay as much as £100,000 more for a home in the right area.

As house prices fall and are expected to continue, the cost of private education keeps rising.

As a result, the poll found that nine per cent of London parents are now willing to spend up to £5,000 more on a property near a good state school.

While only two per cent would be willing to spend over £100,000 extra, another 19 per cent would pay between £5,000 and £100,000 more for access to a good free education. More than a third of parents from London said that the quality of schools in an area would play a big part in their decision to buy a house.

The Private Schools Directory and Guide says that parents who want private schooling and a full university education for their children will pay as much as £300,000 per child.