Research conducted by YouGov on behalf of Fidelity International's investment supermarket, FundsNetwork, suggests that 3.9 million parents would be willing to pay as much as £50,000 more for a home to become eligible for a good state school.
While house prices are falling - Nationwide Building Society says the average price has dropped by 10% over the past year - private school fees have been rising faster than inflation, jumping 6.2% over the past year to an average of £11,000 per year. This has pushed private education beyond the reach of many parents.
Rob Fisher, Head of UK Retail Marketing, Fidelity International said: "The prospect of putting a child through private school is financially very daunting for many parents, especially at time when the cost of living is rising so dramatically. While house prices in many parts of the UK are falling, a number of parents still find themselves in a situation where they have to spend more on their homes to guarantee getting their child into a good state school. Unless families prepare early and put money aside for their child's education, compromises will have to be made."
A third of parents (31 per cent) said that the quality of schools in an area would play a big part in their decision to buy a house, and one in five said they would only actually buy a house if there were good schools in the area. Furthermore, one in five parents would be prepared to commute further to work and 12 per cent would move away from friends and family if it meant that their home was close to a better school.
As the average cost of private education exceeds £3,700 a term for day only, and the average cost for boarders totals more than £7,300 per term, Fidelity's research has found that one in ten parents with children up to 10 years old may have to reconsider sending their child to private school in the future. Parents who want to put their child through private schooling and university, will see the cost escalate even further - by as much as £300,000.
Fisher continued: "It's more important than ever for parents to start saving as early as possible. Whilst private school fees are soaring, parents need not commit to saving huge sums each month, as long as they start early. Saving a small amount regularly is a sensible saving strategy, and investing as little as £50 a month can make a big difference when it comes to funding your child's education."
