First-time Buyer
‘Outstanding’ schools push local property prices up by as much as a third
Parents in Warrington pay the biggest premium to live near a top-rated school, shelling out an extra £80,000 to be in the catchment area of schools rated ‘outstanding’ by Ofsted.
Average property prices in the Cheshire town are £243,000 but rise by a third (33%) to £322,321 in areas with ‘outstanding’ schools, according to research by Comparethemarket.
In the UK’s most expensive postcode – western central London, which includes Soho and Fitzrovia – families can expect to pay an extra quarter of a million pounds or 22% to live near top-rated schools.
The average house price in the area is £1.2m but rises to almost £1.5m if there is an ‘outstanding’ school nearby.
However, the research shows there are a small number of areas where access to top schools does not come with a property premium.
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.
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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.”
Source: Comparethemarket