£91,000 ‘premium’ for house near top schools

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kids school uniform

kids school uniformGetting our kids into the right school is a big thing for many of us, but how much would you pay to buy a house in the right catchment area?

Research has shown that parents wanting to buy a property near a top state primary school face paying 42% more than the average house price.

PrimeLocation.com said that people buying a home nearby one of the top 100 primary schools are paying £91,618 more than the average price for the pleasure.

The analysis of asking prices in England found an average price of £309,732 in such areas, compared to the typical asking price of £218,114.

Nigel Lewis, a property analyst at PrimeLocation.com, said: "Analysis conducted by PrimeLocation.com in September 2011 revealed that living near one of the 50 best secondary schools in the UK adds an extra £77,000 to the value of a home - £14,000 less than living near one of the nation's top primary schools."

However, he added that the premium for living near a top primary school in London was lower, increasing just 7.4% on the average price.

Mr Lewis said: "While asking prices in the capital are on average higher than the rest of the UK, it has the lowest primary school premium in the country.

"This could be because external influences on house prices here are much stronger and high population density means there's more competition for homes in London, even without the lure of living near a top primary school."

Here are the typical asking prices by region, the average asking prices near top primary schools and the "premium" paid in percentage terms:

Area

Average house price

Average price near top primary schools

‘Premium’ paid in percentage terms

East Midlands

£171,135

£253,238

48%

Yorkshire and Humberside

£157,718

£232,518

47.4%

West Midlands

£176,519

£253,883

43.8%

South East

£271,367

£317,823

37%

East of England

£210,981

£283,179

34.2%

North West

£163,124

£215,951

32.4%

North East

£148,121

£191,439

29.2%

South West

£236,085

£300,514

27.3%

London

£460,386

£494,678

7.4%

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