Sat. May 28th, 2022

London home buyers pay thousands to live close to excellent schools

In a new study conducted by London real estate agent, Bective, it was discovered that home buyers looking for a property near an excellent school pay the highest prices.

When deciding whether a child should be considered for a school place, the distance it lives is taken into account. As a result, schooling is extremely important when it comes to providing a child with the best education.

House price data across zip codes within 0.25 miles of schools rated as excellent by The Office for Standards in Education, Children’s Services and Skills (Ofsted) were analyzed. Housing price premiums were then compared to the average in each region.

By analyzing and comparing these factors, Bective was able to discover how much more a good school would cost and how this price varies across the country.

The true cost of a good school in London

Bective’s sales manager Craig Tonkin comments: “Not only is London home to the highest house prices in the country, but it also boasts some of the best schools, so it’s no surprise that homebuyers are willing to pay to secure housing within their catchment area. “

“Of course, for some, private schooling means that living near their chosen school is more about convenience than necessity, and for a particular segment of homebuyers, schooling will be one of the predominant factors behind their decision to buy. a home.”

Research shows that parents hoping to live close to excellent schools are willing to pay 2.5% more for their homes on average. This equates to £ 7,235 more than the average house price of £ 285,113.

Parents hoping to secure their child a place at a school in the East Midlands can expect to pay the highest house price premium. In this place, a home near an excellent school costs 4.4% more. Other places with the highest premiums include Yorkshire and Humber (4.1%), North East (3.4%) and West Midlands (3.2%).

In terms of the price premium paid for living near an excellent school, research shows that London has the highest additional property prices for a fantastic school.

On average, homebuyers are expected to pay around 2.9% more to live near a top-rated school in London. With the average house price in the capital costing around £ 516,285, this is a total of around £ 15,143 more than the average price.


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