The effect of good schools on house prices is often talked about, but is there any fact behind the dinner party chat? Apparently there is. According to new research from mortgage provider Santander, families are paying an average of 12% extra on property close to a good school.
A common question for Hayes estate agents
Harry Singh, estate agent at Henry Wiltshire’s Hayes office, is familiar with the phenomenon. “ “Where’s is the nearest school?” is a question that nearly all house buyers ask sooner or later, and Right Move even has a school finder facility to help parents find the right information,” he says. “All parents want the best for their children, and increasing their chances of getting a place at a good school is well worth paying for.”
London properties near good schools sell quickly
Interestingly, over 40% of families surveyed suggested that they might move again once their address had helped them to secure the school place, even though this would potentially leave them with a longer school run. This may be linked to the fact that 25% of families admitted that they had gone beyond their means in buying a house close to a good school, and would be more comfortable financially living in a cheaper area.
If you’re selling property in Hayes and you live near a school, it might be worth reading the school’s most recent Ofsted report. Research using data from Zoopla shows that houses in London in the “catchment area” of a school rated “outstanding” by Ofsted can command up to 45% of the average house price elsewhere in the same postcode. Even if you’re not ready to sell now, you can rest assured that as long as the school retains its outstanding status, you’ll have an excellent market for your house.
What does this mean for London property investors?
The new research also highlights what investors should be looking for when buying property. It is easy to focus on transport links and proximity to Central London, but property investors should be mindful of the role schools play in house market growth as well.
Selling property in Hayes
If you’re looking to sell a house, flat or studio in Hayes, Harry Singh and the team can help. Contact them on 020 3696 5626 for a free valuation.