Families sell up to pay rising school fees
The Sunday Times reported that families are selling their homes and downsizing to pay for their childrens' independent school fees as the most expensive schools begin to exceed £30,000 per year for school fees.
Other families are selling second homes or renting them out to pay school fees.
Grandparents are also downsizing to release equity to pay school fees for their grandchildrens' private education.
The co-founder of the website schoolstrader.com, said that he believed many of the 100 properties advertised on his site were being sold or let to cover school fees. “An increasing number are selling to help pay the school fees,” said Canetty-Clarke. “Increasingly, the trend is for people to sell little-used second homes abroad.”
Estate agents are saying “Schooling is a priority for most families when they are moving house and school fees have to be taken into consideration.
It is not uncommon for people to move house and release equity to help with school fees, we are seeing it more and more. Naturally parents want to send their children to the best schools so moving to the catchment area and paying school fees are top priority.”
Although the average school fee rise among the 40 schools polled recently is 3.7%, costs are still rising more quickly than average earnings and families must make greater sacrifices to provide private education for their children.
Independent Schools have been saying they are trying to hold down school fee increases in the face of rising teacher pay, high utility bills and for some, greater “levies” to cover bursaries for poorer families.
Last week, figures from the Independent Schools Council showed that for the first time since the recession began, privately educated pupil numbers were falling, albeit by only 0.6%.
Families sell up to pay rising school fees Sunday Times (2nd May 2010).
Families sell up to pay rising school fees
The Sunday Times reported that families are selling their homes and downsizing to pay for their childrens' independent school fees as the most expensive schools begin to exceed £30,000 per year for school fees.
Other families are selling second homes or renting them out to pay school fees.
Grandparents are also downsizing to release equity to pay school fees for their grandchildrens' private education.
The co-founder of the website schoolstrader.com, said that he believed many of the 100 properties advertised on his site were being sold or let to cover school fees. “An increasing number are selling to help pay the school fees,” said Canetty-Clarke. “Increasingly, the trend is for people to sell little-used second homes abroad.”
Estate agents are saying “Schooling is a priority for most families when they are moving house and school fees have to be taken into consideration.
It is not uncommon for people to move house and release equity to help with school fees, we are seeing it more and more. Naturally parents want to send their children to the best schools so moving to the catchment area and paying school fees are top priority.”
Although the average school fee rise among the 40 schools polled recently is 3.7%, costs are still rising more quickly than average earnings and families must make greater sacrifices to provide private education for their children.
Independent Schools have been saying they are trying to hold down school fee increases in the face of rising teacher pay, high utility bills and for some, greater “levies” to cover bursaries for poorer families.
Last week, figures from the Independent Schools Council showed that for the first time since the recession began, privately educated pupil numbers were falling, albeit by only 0.6%.
Families sell up to pay rising school fees Sunday Times (2nd May 2010).