First Time Buyer
‘Outstanding’ schools push local property prices up by as much as a third
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.
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.”