HouseSimple.com looked at average property prices in catchment areas for 50 state-funded primary schools across England that received the highest rating by Ofsted in its latest report. These prices were then compared with average house prices for the whole postcode to see what premium families might have to pay to buy a property close to a top performing school.
The research revealed that average property prices in streets that are close to – and in the catchment area – of a primary school rated ‘outstanding’ by Ofsted, are almost a fifth (18%) higher than average property prices for the area postcode. That means the price of the best ‘free’ schooling commands an average premium of £43,773 if you want to buy a property in the locality of a top primary school.
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% (£151,121) and 44% (£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.
Alex Gosling, CEO of HouseSimple.com, had this to say: “One of the most valuable gifts we can give our children is a good education, and 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.
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.
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.”
