Property prices are driven up by at least 15% if they are located near top performing schools according to a new survey by Santander. The new Prime Minister Teresa May calls it “selection by house prices.’
According to Santander people in London pay a premium of around £71,000, 15% more to be near a good secondary school. Outside of London they state that people pay much less around £24,000 to be in the right catchment area.
The desire for parents to send their children to the best schools has prompted people to consider renting and downsizing to make sure that they can be near the best schools.
In extreme cases some of the best schools require families to reside within 300 metres of the school gates, as a soaring population puts more pressure on state education.
If you have just had a child or have young child now is the time to start planning ahead to make sure that you secure a property within a good catchment area. Signing up to property alerts within a catchment area is also a really good idea as you will be able to keep up to date with all of the latest property for sale.
If you can’t afford to buy a home within a certain catchment area then you could always consider selling up or renting out your current home and renting in the area near your desired school.
We are very lucky in Hertfordshire and Essex to have some of the most outstanding schools in the country if you would like to check these out then please follow this link. https://www.intercounty.co.uk/blog/outstanding-schools-in-essex-and-herts