Everyone dreads the school run, so it is no surprise that property a stone’s throw from a good school comes with a seriously premium price tag.
For frazzled parents, having the convenience of a good local school just a short distance away represents a price worth paying, and research has shown that on average, buyers are prepared to shell out around £18,600 more to be close to the local primary.
Being near to a good secondary school doesn’t command as much of a premium, hiking the price by just £15,800, although it doesn’t take a maths teacher to tell you that the figures still stack up!
The research, released by the Department of Education, revealed that property near the country’s best performing primary schools carry an 8% premium on average, rising to a whopping 10% in the capital – representative of nearly £40,000!
With almost 1.8 million more children in good or outstanding schools than in 2010, more families are able to secure a good school place for their child than ever before. However, for too many young people their chances of success still depend on how much money their parents earn and where they can afford to live. This new analysis sheds a light on how far selection by house price is restricting ordinary parents’ access to the best schools.
School standards minister Nick Gibb
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