It’s not only parents but children too who think a good school nearby is important…
A survey carried out by Census wide, on behalf of Redrow Homes, revealed the preferences of parents and children in regards to homes and neighbourhoods in order to find out what makes a ‘better place to live’. Interviewing 1018 individuals, half of them parents and half children aged between 4-16, the survey included a series of questions about what was most important about an area for people to want to live there.
It found that parents thought a good local school was important with 72% placing it in their top three priorities. In second place was good transport links (37%) and a ‘community feel’ was important for 33%. The fourth most important factor was being close to other family members. Interestingly, this last factor was relatively more important for mums (33%) and less important for dads (22%).
60% of the children questioned said being near friends was important. Being close to a school was important for 49% with 47% saying nearby parks and green spaces mattered to them. 17% said being close to facilities such as a cinema was a priority.
This importance placed on schools is one of the main reasons why properties near good schools are generally more expensive to buy. Research by online estate agents HouseSimple.com, found that, across England, the price of homes in the catchment area of outstanding schools was almost 18% higher than other properties in the same postcode. This means, on average, a premium of £43,773 is what families can expect to pay if they want a new home in the area of a top-rated, state-funded primary school.
Perhaps unsurprisingly, more than half of the biggest premiums recorded for living near a top-rated primary school were in the south of England. St Luke’s Primary School in Brighton with a 45% premium (£151,121) and Crowland Primary School in Haringey with a 44% premium (£193,816) were the two individual primary schools found to add the biggest amount to local house prices.
However, according to the same research by HouseSimple.com, there are still some better value properties available that are close to primary schools rated outstanding. Highfields Primary School in Leicester, Cavendish Primary School in Lambeth and The Mayflower Primary School in Essex are three examples of top-rated schools that have properties nearby which sold without a significant premium being paid by buyers. Nevertheless, as the importance of good schools across the country looks set to continue, buyers of new homes near top-rated schools should be aware of possibly having to pay that little bit extra for their new home with a good school nearby.