Recent research carried out by the Nationwide Building Society has shown that homes located near the best performing primary schools in England can cost up to £19,500 more than identical properties elsewhere.
Just a 10% rise in the local primary schools’ Sats pass rate can add an average of £5,860 to the value of the nearby homes, due to the relatively small catchment areas based on the proximity of an applicant’s home to the school.
Martin Gahbauer, Nationwide’s chief economist, stated: “One might expect that families would prefer to live near high performing schools and be willing to pay a premium for this.”
However, the report also indicated that a loft conversion or extra bedroom would still add far more value to the typical home. By adding a second bathroom the price of a typical house would rise by 1.3%, while an extra bedroom would lift it by 11.4%.
“On balance, the extent to which primary school performance affects property prices will depend upon the range of schools in the area and while it is something that parents are likely to consider when buying a home, it is just one of a number of factors that impact house prices.,” Mr Gahbauer added.
Source: BBC News
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