Highly rated schools can command a 33% property price premium
Homebuyers in Warrington, Cheshire pay the biggest premium to live near top-rated schools, with house prices rising by a third (33%) compared to the wider area, according to comparethemarket.
The price comparison site said that the average property price in the town is £243,000, but a home near an Ofsted-rated ‘outstanding’ school would set you back £322,321.
The most expensive place to live in the UK is Western Central London, including Soho, Fitzrovia and Charing Cross, where the average house price is a whopping £1.2 million.
But homebuyers can expect to pay over a quarter of a million pounds (£266,667), or 22%, extra to live near schools rated ‘outstanding’ by Ofsted, where the average house price is £1,466,667.
The most affordable area to live near ‘outstanding’ rated schools is Sunderland, where the average house price in Ofsted ‘outstanding’ areas is just £117,747, 4% cheaper than the average house price in the area.
Other more affordable areas with the best schooling options include Blackburn, Oldham, Cleveland and Wigan.
Mark Gordon, director of money at comparethemarket.com, said: “Living within the catchment area of schools rated as ‘outstanding’ by Ofsted is a top priority for parents wishing to give their children access to the best quality of education.
“The cost of living in these high-demand areas can be a big concern for families, who often face a trade-off between house price and quality of education. However, our latest research reveals that it is possible to still reap the educational benefits without the price tag.”