Could local schools add value to your home?
12 May 2016
House price bubbles have sprung up in catchment areas for top state schools, with house prices much higher here than those further from the school gates.
Buyers can be expected to pay, on average, a premium of 25% to live in these sought after catchments.
A study of 8,000 primary schools in England found that a single point increase in a school’s Ofsted rating raises the price of homes in the surrounding area by an average of 0.5 per cent.
The highest concentration gradient is in Beaconsfield, Buckinghamshire where house prices in the catchment for Beaconsfield High School reach an average of £978,299 compared to a £342,166 average in the wider county, equating to a rise of 286%.
Following closely behind are Henrietta Barnett School in Barnett and St Olave’s and St Saviours Grammar School in Kent with price tag hikes of almost 200% in their catchment areas.
While property prices in Barnsley aren’t quite reaching this level of polarity, houses in the catchment for Penistone Grammar School sell for more than less prestigious neighbouring schools such as Barnsley Academy and Carlton Community College.
This is becoming more and more pertinent, as parents attempt to stake out a place for their child in their desired school, but face disappointment as oversubscription rises.
While it is great news for homeowners or investors, it may mean parents will have to spend more in order to secure a place at a top UK state school.