Parents paying up to 32% more on homes in the West Midlands to secure places at outstanding schools
A recent study has revealed that to secure places at Ofsted rated ‘outstanding’ schools, parents across England are willing to pay an average asking price premium of £52,000 for property within the correct catchment areas.
20% of primary schools in England currently hold the ‘outstanding’ Ofsted rating and 62% hold the rating ‘good’. Of those rated outstanding, 86% are currently over subscribed according to the recent study from Rightmove and 192.com. Those moving from an area with good schools to one with outstanding schools means paying an average of 12% more, which is a huge £37,000 extra for a property.
This property premium is the highest in the West Midlands at 32%, whilst the lowest premium is in the East Midlands at 13%. In London, house buyers are paying 13% more for property within ‘outstanding’ school catchment areas. With house prices currently at £678,595 within the capital, the premium parents might pay to live in the right area could be over £80,000.
Miles Shipside, Rightmove’s Housing Expert comments: “Looking for the right home near the right school is one of the most important factors that buyers tell us they look for when they’re thinking of moving. Many are willing to compromise on other factors if it means getting their children into a good or outstanding school. Our new study with 192.com for the first time, puts a price on the premium of actually securing a place at a good or outstanding school, and highlights the challenges that many parents need to go through to secure a place at a school and a home that they know is right for them. There are of course other factors that play a part in the overall asking price of an area – things like the size of properties and how high the demand is, especially if there’s a shortage of available property.”
Dominic Blackburn, Product Director of 192.com said: “Previous studies have shown links between outstanding schools and house prices, however our data is the first data that is based on whether the property would have secured a place at the school. Living near a school is not necessarily a guarantee of securing a place, with some Ofsted outstanding schools having successful admission areas of less than 100 metres. It is important that property seekers know if the house they are looking at was in last year’s successful admission area and how that affects the property price.”
Over 58% of parents in the UK with children of school age say that catchment areas will have an impact on where they choose to live in the future. Parents are even going so far as to make substantial sacrifices for the sake of a good school. It’s therefore no surprise that with such fierce competition for state school places, that even young families are planning ahead and making a move to ensure their children have the best chance of being granted admission into these outstanding schools.