Parents pay top dollar for close proximity to UK's best schools
Local schools have always been a key consideration for savvy parents when buying a home—but recent Savills research has suggested that parents in the UK are paying a huge premium for the privilege of living in the catchment area of the region’s most desirable schools.
Research shows that living in the vicinity of the top-performing independent schools commands a premium that could reach as high as 25% more than average house prices in the area, while those seeking homes near the best non-selective state schools are pushing 20%.
Savills have indicated that the average value of a home in the catchment area of one of the country’s top 10% of state schools tops the scales at a huge £348,000, equating to a 12% premium above the average for their regions. Naturally this rises nearly 19% to £414,000 for properties in the postcode sector of the UK's top independent schools, equivalent to a monetary premium of £83,000. However, the largest premium is placed on proximity to non-selective state schools (which offer places based on whether you live in the desired catchment area), where average prices are around £400,000, which is 20% (£66,000) above the national average.
Naturally, London and the South East have the highest concentration of top-performing schools, pushing house prices up even further. Head of Savills UK residential research Lucien Cook notes the trend, commenting: “This analysis tells us that many families will compromise on most things, but will do everything in their power to ensure the best education for their children, including paying top dollar for their homes”.