Property

Parents pay up to 102% more to live by the best schools

Property around the best primary schools sells for 40.1% more than property surrounding the best secondary schools.

Rozi Jones
|
20th August 2019
school
"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."

Parental home buyers are paying up to 102% more to live near the top performing schools, according to research by GetAgent.

Its figures show that 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.

When looking at top tier primary schools, where 40% or more of pupils are achieving high scores in reading and maths, the average house price climbs to £499,249 - a 69.6% house price premium compared to schools with a score below 40% and 102.3% more expensive than the national average.

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.

When comparing the two, property around the best primary schools sells for 40.1% more than property surrounding the best secondary schools.

Colby Short, founder and CEO of GetAgent, commented: “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.

"While secondary schools command a higher price on the whole, 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.”

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