My child is at Honeywell (and she has a younger sibling a couple of years off starting there), and just wanted to add a couple of things.
The parents at Honeywell get infuriated by the renters that come in and drift away by the end of Reception too. On two counts - one because we genuinely own, or rent our homes and so it truly IS our local school. But moreso, lots of us chose the school because we love the idea of the tiny community it can bring for the children, playdates all in walking distance, popping over to one another's houses etc. When people rent, then move miles away it destroys that for those who made decisions based on our school being a local one. It's not a popular thing to do.
Also, re: waiting lists. We've had 5, maybe 6 children come in late, just in our class (30). The most came in Recption, after waiting it out at a private school, with a couple more in Year 1, and one in Year 2. Whilst I agree it isn't ideal to uproot & move, I think within the first year it can e done (and has been) very successfully. So there is the chance there, if you are willing.
Though ultimately, I agree, it should NEVER come down to having to wait it out elsewhere. This should be a local school, it's very ethos is to be such, and all this renting in catchment undermines that. I do hope something can be done about it.