The practice of establishing rental homes by families trying to get into the catchment areas of the best schools is a trend that looks set to grow.
Moving to be close to leading educational facilities is nothing new. In fact, study findings released by the Nationwide last month show that one in ten parents made a house purchase choice based on schools, with one in ten admitting they would shell out a premium of more than 10% for a property if it were close to the best schools. However, this desire translates to the rental market too.
Goadsby in Chandlers Ford have found that families with school-age children use the lettings market to live in Thornden catchment area and sometimes, families rent out their own home to tenants in order to move and rent another property closer to a desired school in Chandlerís Ford. Families donít want to lose their mortgaged home Ė which often contains the equity and provides a long-term investment.
So, if you consider that buyers will pay up to a 10% premium when purchasing a house in a good catchment, surely the same thinking can be applied to rent? A solid reason for investing in the area on a buy to let scheme.
If you are thinking of investing or have a property within Thornden catchment area that you are considering letting or selling, please contact Kim in Lettings or Martin in Sales at our Chandlerís Ford office on 02380 273 461