The shocking property price premium to live near a top school
The average property price in outcodes (the first half of a postcode) for every secondary school in England is currently £317,519, 7.4% higher than the average price of £295,367 for outcodes of all primary level schools.
Overall, home buyers are paying 28.6% more than the average house price in England to live near a secondary school and 19.7% more to live near a primary school.
But that’s not the full story, said GetAgent.co.uk.
The estate agent comparison site said that, when it comes to the best performing schools, the property price roles are reversed, and it’s primary schools that command the greatest premium.
When looking at top tier primary schools where 40% or more of pupils are achieving high scores in reading and maths, while working at greater depth in writing, the average house price climbs to £499,249. That’s a 69.6% house price premium compared to schools with a score below 40% and 102.3% more expensive than the national average.
Secondary school premium
When looking at secondary schools where 80% or more of pupils are achieving strong 9-5 passes in both English and mathematics GCSEs, the average house price again increases to £356,274, a 13.1% property price premium when compared to schools with a score below 80% and 44.4% higher than the national average.
Founder of GetAgent.co.uk, Colby Short, said: “We know that the close proximity of any sought after amenity can lift a property’s value, but living close by to a school is up there with the most important for parents and whether it’s that all-important catchment area or the ease of carting the kids back and forth every day, parents will always pay when house hunting.
“It’s clear that when it comes to the best schools, it’s primary level education that sees home buyers pay the most.
“This is not only to ensure they get the best start during their school life, but due to the younger age, kids aren’t yet able to cycle, walk or get public transport to school alone, and so this additional peace of mind and convenience is preferable for parental home buyers.
“This demand coupled with the long-term investment in a property and the potential of better exam results at the end of it is what causes these much larger property price premiums around the best schools in particular.”