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Homes near good schools grab £12,000 premium

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  • 24/08/2011
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Homes near good schools grab £12,000 premium
Prospective homebuyers with children are willing to pay up to £12,000 more to secure a property within a good school catchment area, research has revealed.

A study by Santander Mortgages showed that the average house price premium near a good school was £5,663, with many parents willing to pay more than double that price.

Moving near a good school was the top priority of 37% of prospective buyers with a child aged 10 or under, Santander found, compared to one in four of those with a child aged 11 to 17.

The research suggested that women were much more concerned about moving into a good catchment area than men, with mothers willing to pay a £7,300 premium, compared with £4,450 for fathers.

Phil Cliff, a director of Santander Mortgages, said: “People are increasingly concerned about the value of a good education, and in some areas of the country there is a significant amount of competition for places at sought-after schools.

“This has led to many parents trying to move to a particular area deliberately to improve their child’s chances of getting into their desired school. Some in-demand property features such as being located within the catchment area of a good school can increase the property value considerably.”

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