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  • Property Prices

    Huge effect of good schools on house prices

    The full extent of the impact of good schools on house prices around England are once again in the headlines with news that proximity to a good school can add around £21K to the value of a property.

    A map produced by Savills estate agents shows the cost of homes near the best performing schools can be more than 25% higher than in other areas.

    The company say the best examples of these are Northwood in Middlesex, Brighton in West Sussex, Shrewsbury in Shropshire and Ascot in Berkshire.

    The report also shows how selective grammar schools, such those in Kent and Buckinghamshire, drive up house prices in the surrounding area.

    Lucian Cook, director of residential research at Savills, said:

    'What it shows is there are clear house price premiums around high performing state schools. These are not uniform, there are exceptions where people can still get access to a well-performing school, but generally, there is a premium. 'That said, I suppose there is a bit of a chicken and an egg situation of where you have to ask whether affluent families cluster around a high performing school, or are schools high performing because of the families who live nearby.".

    Full/source story

    A top state secondary school adds an average of £21,000 to house prices in the local area, with one school in Beaconsfield, Buckinghamshire, helping houses command a £483,000 premium over prices across the county, according to research by Lloyds Bank.

    It named Beaconsfield high school, where 75% of all students' grades in recent GCSEs were A or A*, as the school that added most to local house prices and the town as the least affordable place for local people wanting to get their children into the school.

    Average house prices close to the school stand at £797,000, 154% above the average for the county and more than 18 times gross local salaries, said Lloyds.

    However, the Beaconsfield area is prime "stockbroker belt" commuter territory and has always had higher than average house prices. To live close to one of the top 30 state schools in England, parents pay an average premium of £21,000, with homes near good schools selling for £268,000 compared to the average national house price of £247,000, said Lloyds, which based its figures on Land Registry data.

    Competition for property around the highest-rated schools is most intense in the south-east, with house prices close to the top 10 state schools in the region being sold 27% (£72,314) above the average house price in their county.

    [Image: Table-of-schools-commandi-001.jpg?w=620&...4323018b6c]

    Full/source story

    A study by online estate agent eMoov.co.uk found that Birmingham has the best balance of affordable homes with excellent state schools.

    Parents are actually willing to sell up and relocate in order to give their children the best start, a survey conducted for eMoov revealed.

    Out of the more than 1,000 mums and dads in the UK asked, 22 per cent said they moved closer to the school they wanted their child to go in order to secure a place.

    And a far-sighted 14 per cent revealed they had bought their house years in advance of their children attending school, simply because it was in the desired catchment area. Ten per cent had even willingly down-sized, just so they could be in the right spot.

    Interestingly, only 27 per cent said they had studied the school league tables prior to choosing their child’s school, suggesting that reputation and local word of mouth swayed them more than the Ofsted ranking.

    Russell Quirk, founder of eMoov, said:

    “Schooling is one of the major life stages where property is concerned, first we get a foot on the ladder, then we climb a rung or two to start a family, then we turn our attention to educating our children. “Unfortunately we aren’t all in the desirable position whereby we can wave our children off to a prestigious private school.

    This study identifies the top performing schools where homes in the surrounding area is relatively affordable.” Full/source story

    [Image: house.png]Related content:

    How to find good and outstanding schools in your area

    Unlikely signs that an area is ripe for property investment

    Pros and cons of buying opposite a school

    26 signs you know an area is in decline What is more important to tenants than any other factor

    Is proximity to good schools on your BTL due diligence list?

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    Interesting to see this research about schools and rental properties:

    Some 95% of buyers and 81% of renters in the UK would pay up to 25% more to live in a home in close proximity to a school, new research has found.

    Also, 38% of buyers and 42% of renters would take a lesser property to be within desired catchment area, according to the survey from online estate agents Urban.

    Surveying both those looking for property to purchase as well as those looking for a rental home confirms how important the school catchment area is for parents when they move home.

    Indeed, the school catchment area was the top concern for tenants when choosing a property. Double the number of prospective tenants would put school catchment area at 30% over being in close proximity to a town at 15%, with this also ranking significantly higher than the desire to be near to a station at 17%.

    Full/source story
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    The North-South divide is now more prominent than ever and where children grow up is more likely to determine their level of success at school, a study suggests.

    The latest education performance figures show the gap is widening between those areas that are doing well and those that are doing badly.

    A new cross-party commission into why there is inequality in education and what can be done about is being launched, headed by the former deputy prime minister Nick Clegg.

    The study found that 70 per cent of 16-year-olds in London gained five good GCSE's compared to 63 per cent in Yorkshire and Humber, with such inequalities persisting - and in some cases worsening - over the past three decades.

    “We may live on a small island - but which corner of it our children call home makes a huge difference to their life chances too," - Nick Clegg

    Areas such as the North East, Yorkshire and the Humber, the West Midlands and the East Midlands are said to have persistently under-performed, while London's performance has surged.

    Full/source story
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    Parents of children at high-achieving schools are seeing their house prices rise by thousands of pounds in an unexpected bonus of better Ofsted results.

    House prices near a school can rise by as much as 1.5 per cent in the immediate aftermath of a improved score, research shows.

    A study of 8,000 primary schools in England has found that a single point increase in a school’s Ofsted rating inflates the price of homes in the surrounding neighbourhood by an average of 0.5 per cent.

    That figure rises threefold to 1.5 per cent in affluent areas, whereas there is almost no effect in disadvantaged neighbourhoods.

    The study by Dr Iftikhar Hussain, which was presented at the Royal Economic Society’s annual conference in Brighton, also found that a worsening Ofsted score deflates houses prices by the same proportion.

    But Dr Hussain found that short-term changes in exam results and other measures of school quality barely create a ripple in the housing market.

    Full/source story

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    Good schools have come out top in a survey of parents in the UK asked about their priorities when choosing a place to live.

    Some 72% of parents placed a good local school among their top three, followed by 37% favouring somewhere with good transport links and 33% highlighting the importance of a community feel, according to the research from Redrow Homes.

    Being close to family members came fourth overall but, while this was a big priority for 33% of mums, only 22% of dads saw it as important.

    Full/source story

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    So would it be appropriate now for LL to carry out DD on exam results and catchment areas to determine which properties would be in most demand

    It is well known that school catchment areas are very prescriptive and having a property literally metres outside a catchment area could knock hundreds of pounds of achievable rents

    Must admit if I was buying now I would peruse exam results!

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    New research has revealed which top state schools are within areas where property prices are low:



    Full/source story

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    ONE in four families have moved homes to get their child into the school they want, a survey by Santander has found.

    And parents are prepared to pay an 11 per cent premium, or £23,707, to relocate.

    Full/source story

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    Investing in property near a good primary school adds £18,600 to the average price of a home in England, while property near one of the best secondary schools commands an extra £15,800 on average, new research shows.

    According to a new study by the Department for Education (DfE), homes near the best-performing primary schools are worth 8% more than the average and 6.8% higher near the best secondary schools.

    Source article

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    Parents are paying up to 50% more to live in a property close to one of the top 30 performing state schools, research suggests.

    Figures from Lloyds Bank, based on the top performing secondary schools by GCSEs and Land Registry house price data, found that homes in postcodes near the top state schools in England had average prices of £415,844, 45% higher than the £287,229 across the country.

    Parents, and of course anybody living in postal districts close to high-achieving schools, also face paying on average 12% more than other locations, with the average in the counties housing the best schools coming to £372,354, compared with the £415,844 being paid, according to the research.

    Homes near Beaconsfield High School in Buckinghamshire were found to pay the biggest premium of £643,181, with nearby properties costing £1.03m, or 158% more than the average price in the county, followed by homes close to the Henrietta Barnett School in Barnet paying 59% more at £991,050.

    However, the report claims 14 of the 30 areas with top state schools still offer prices below the average for the county.

    Full/source article

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