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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 storyA 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.Full/source storyA 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 storyRelated content:How to find good and outstanding schools in your areaUnlikely signs that an area is ripe for property investmentPros and cons of buying opposite a school26 signs you know an area is in decline What is more important to tenants than any other factorIs proximity to good schools on your BTL due diligence list?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
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
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
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!
New research has revealed which top state schools are within areas where property prices are low:Full/source story
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
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
New data:Full/source article - Property Industry Eye
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