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The cost of buying property near a top school Image

30th August 2018
The cost of buying property near a top school

Revealed: the cost of buying property near a top school 

New research has revealed the extent to which living near the country’s best state schools pushes up local house prices  – and investors and landlords can use their proximity to attract tenants.

On average, a property within the catchment area of one of the country’s 100 top state secondary schools carries a price tag  of around £26,860 above the local average – or a 42% premium, according to figures released by Santander Mortgages.

Every year, competition among parents to get their children into the best performing state schools is fierce, and many are prepared to up sticks and move house in order to get their offspring into the desired school, and the increased demand in such areas is the reason behind the extra cost of housing.

It even applies to primary schools – homes near one of the country’s top 1,000 state primaries cost an average of 8% more than your average property. And according to Santander’s statistics, almost a quarter (23%) of families are ending up significantly out of pocket after buying property they feel they couldn’t really afford just to get their child a place at the local school.

Moving house out of necessity

One in five families said they had downsized in order to afford a home in their desired area near a school, while 16% of families had moved to an area they didn’t really like, and 8% even felt unsafe in their new area.

Miguel Sard, managing director of mortgages at Santander UK said: “Living in the vicinity of a top ranked school carries a significant house price premium. If families are looking to move into a catchment area specifically to boost their chances of getting into an elite school, they can expect to pay a hefty price.

Gloucestershire estate agents Peter Ball & Co say there's still great value to be found in Cheltenham and the surrounding area, however.  Managing Director Peter Ball, says 'Many parents want to find a home within the catchment of popular schools like Balcarras, Bournside and Naunton Park, so to make their search easier, we'll be including a helpful 'Search by School' facility when we launch our new website. Search for homes within the Balcarras catchment, for instance, and we'll be able to show you properties like this one in Charlton Kings, currently available at £525,00 or this one at £385,000.

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