Central London estate agent Plaza Estates looks at how property buyers pay more to live near top state secondary schools in London and elsewhere in the UK.
It costs £70,000 more to live near one of London’s best-performing state secondary schools, a recent study from Santander Mortgages reveals.
Properties located within the catchment areas of some of the capital’s best schools are priced on average 15% higher than homes not located within a catchment area.
It’s nothing new that good schools and higher property prices go hand in hand, and that many parents are guided by where the good schools are when choosing where to move their family to.
Some parents have chosen to downside when buying a new property in an area where property prices are higher due to proximity to good schools, while others have chosen to put up with a longer commute to work for the privilege of sending their children to a good school.
Managing Director of mortgages at Santander UK, Miguel Sard, said: “If families are looking to move into a catchment area specifically to boost their chances of getting into an elite school, they can expect to pay a hefty price”.
Sard continued: “Parents are prepared to sacrifice a lot to give their child the best start in life.”
According to the research, some parents try to give the impression that their children live within a certain catchment area to give them a better chance of getting into a preferred school, while others will rent a property in a catchment area as a means of getting their child into a local school.
Though many of the capital’s best schools listed in this study are in outer London boroughs, there are many prestigious schools in the Knightsbridge/Paddington areas. These include the Knightsbridge School, a preparatory school, while the King Solomon Academy near the Edgware Road is a state school which has consistently been rated ‘Outstanding’ by Ofsted.
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Homes and Property