Homes in Ofsted ‘outstanding’ school catchment area command £43k premium
Families pay an average premium of over £43k to buy a home in the catchment area of an ‘outstanding’ state primary school, according to research from HouseSimple.com.
The online estate agent said that homes in the locality of Ofsted rated ‘outstanding’ schools cost families on average nearly a fifth (18%) more than other properties in the area.
And St Luke’s Primary School in Brighton and Hove commands an average premium of an eye-watering £151,121 to buy a property close to the top rated school.
Of the primary schools commanding the biggest premiums to live near to, more than half are in the South of England.
Value for money
However, some areas offer better value to live close to ‘outstanding’ schools. Properties surrounding The Mayflower Primary School in Essex, Henry Cavendish Primary School in Lambeth and Highfields Primary School in Leicester have recently sold without buyers having to pay a premium.
Alex Gosling, CEO of HouseSimple.com said: “One of the most valuable gifts we can give our children is a good education, and many parents will go to great lengths to get their children a place at the best local state-funded primary school. But there is a price to pay for the best free schooling.
“Private education is out of reach for many families, which is why there is high demand for places at top rated state primary schools. But there aren’t enough places to go around, which has led property prices in the catchment areas of popular primary schools to rocket in recent years.”