Moving house? Property close to '˜oustandinng' schools attracts Â£50,000 premium
Parents looing to buy a property close to a primary school rated as '˜outstanding' by Ofsted face paying a premium of more than Â£50,000.
New figures from Rightmove show the average asking price of homes in the successful admission zone of high-performing Grade 1 schools is £52,372 or 18 per cent higher than in areas around Grade 3 institutions.
There is also a 12 per cent (average of £37,000) hike in prices between properties near mid-range Grade 2 schools and those in Grade 1.
Kevin Shaw, national sales director at property specialist Leaders, says: “With 86 per cent of ‘outstanding’ primary schools already oversubscribed, living in an area with the best chance of being accepted by one has become a priority for many parents.
“Living close to the right school has long been an important factor for home hunters, but the latest figures suggest people are now willing to pay even more for the privilege. Indeed, many movers admit to compromising on other issues in order to live close to a school above all else.
“Buyers should remember that some of the top schools have a very small successful admission area – sometimes measured in metres – so they should always check whether a property was in this area in the last academic year before completing a purchase.”
Parents in the West Midlands face paying the largest premium to live near a Grade 1 school, with a mark-up of 32 per cent in comparison with properties close to Grade 3 schools. It was followed by the north-west (27 per cent) and Yorkshire and Humber (22 per cent). The smallest premiums were found in the East Midlands, north-east and London (all 13 per cent).
Kevin adds: “With incredible demand for properties close to the best schools and an overall lack of supply in the market also helping to push up prices, those who live within a successful admission zone may wish to consider the benefits of selling – particularly if they no longer have children of a school age.
“Many are likely to be surprised by just how much their home is now worth and how high demand from parents can help them to get a great price.”
For more information on selling or letting a property contact your local Leaders branch or visit leaders.co.uk.