Families pay almost £44,000 extra for home in good primary school area

Taylor Scott International News

Families in the UK are having to pay a price premium of almost £44,000 to buy a property near the best performing primary schools, new research has found. Many parents want their offspring to get the best start in life and they are prepared to move home to make sure they are in the catchment area for those first crucial years at school. According to the research by online estate agents HouseSimple, the average premium paid is £43,773 to be in the catchment areas for the top 50 state funded primary schools across England that received the highest rating by Ofsted in its latest report. The research revealed that average property prices in streets that are close to these best schools are 18% higher than average property prices for the area postcode. Of the primary schools commanding the biggest premiums to live near to, more than half are in the South of England. The schools adding the biggest premium to local property prices are St Luke’s Primary School in Brighton and Hove and Crowland Primary School in Haringey, adding 45% or £151,121 and 44% or £193,816 respectively. But according to HouseSimple figures, there are some areas offering better value to live close to outstanding schools. Properties surrounding The Mayflower Primary School in Essex, Henry Cavendish Primary School in Lambeth and Highfields Primary School in Leicester have recently sold without buyers having to pay a hefty premium. ‘Many parents will go to great lengths to get their children a place at the best local state funded primary school. But there is a price to pay for the best free schooling,’ said the firm’s chief executive officer Alex Gosling. ‘Private education is out of reach for many families, which is why there is high demand for places at top rated state primary schools. But there aren’t enough places to go around, which has led property prices in the catchment areas of popular primary schools to rocket in recent years,’ he explained. ‘Attending an outstanding state school can offer an education as good as, if not better, than paying to go private, but with property prices close to the best state schools commanding average premiums of 18%, paying the price to live close by certainly doesn’t equate to a free education,’ he added. Taylor Scott International

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