Good schools are a powerful magnet for house-hunters but new research from Savills shows parents may have to pay a hefty premium for the convenience of living close to the classroom.
Good schools are a powerful magnet for house-hunters but new research from Savills shows parents may have to pay a hefty premium for the convenience of living close to the classroom.
Analysing examples put forward by The Good Schools Guide and comparing property values in the vicinity with the county average, researcher Sophie Chick has compiled a list of 400 schools with the highest house price premium on their doorstep.
Top spot goes to Danes Hill School in Oxshott, Surrey where the average value of houses nearby comes with a 281.7 per cent uplift compared to the county average.
Sophie Chick comments: “Education is not the only factor determining the performance of house prices but it does play a significant part. As demand for good schools continues so too does the competition for houses in handy locations which, as we have seen, pushes up the values.”
Lindsay Cuthill head of Savills country department adds: “We find that parents are particularly keen to live close to schools when clubs and other extra curricula commitments really kick in. Having to drive 10 or 20 miles not just for the school run but for all the additional activities becomes just too time consuming and inconvenient.”