More than a quarter of families have bought or rented a new property to get their children into their desired school, research from Santander has found.

It highlighted how parents are willing to pay a premium of up to 18% to get into the right catchment area, which works out at just over £32,000 at current average house prices, rising to £77,000 in London.

Households in London (46%) and the North East (46%) are more than four times as likely to make such a move than those in Wales (11%), according to Santander.

The sacrifices go far beyond higher prices, with almost a third (31%) of those surveyed having changed jobs as a result of the move.

A quarter (25%) said they were forced to downsize, 31% moved to an area they did not like, and 26% admitted they overstretched themselves and paid more than they could realistically afford.

Miguel Sard of Santander said: "With competition for school places fiercer than ever, parents are making significant financial and lifestyle sacrifices to be within the catchment area of desirable schools.

"All buyers will have a wish list of what they want their new home to have and being within a certain school catchment is increasingly common amongst young families - but can often come at a cost.

"Many of these sought-after areas command significant premiums, so it's important that parents don't stretch themselves beyond their means if they are looking to move. Finding a mortgage provider that not only offers competitive rates but also has the expertise and range of products to ensure that the right deal is secured is absolutely key to this."

Proportion of parents with children aged four to 18 who have moved home to secure an address in their preferred school catchment area:

:: North East 46%

:: London 46%

:: South East 29%

:: Yorkshire & Humber 25%

:: North West 24%

:: East Midlands 24%

:: West Midlands 22%

:: South West 16%

:: Scotland 14%

:: East of England 14%

:: Wales 11%

Average property premiums:

:: North East £21,086

:: Scotland £37,996

:: East Midlands £24,209

:: South West £22,506

:: East of England £33,242

:: London £77,113

:: South East £20,846

:: Wales £17,555

:: North West £16,612

:: West Midlands £17,277

:: Yorkshire & Humber £9,557