When moving to a new area the main things you check for are house prices and schools. But is there any truth to schools affecting the prices of houses?
Recent research (completed by Savills) shows a clear correlation between house prices and where the ‘good’ schools are, and they’ve reported a 25% increase in some prices.
This research comes after last year it was discovered a top secondary school added an average of £21,000 to nearby homes – but that’s nothing compared to a school in Buckinghamshire adding £500,000 to nearby homes.
The report from Savills states: ‘For many [house buyers], rather than pinning their hope on a single school, a choice of good schools will determine whether they will look to buy.
‘In locations such as Northwood, Brighton, Shrewsbury and Ascot that will be driven entirely by a cluster of high performing independent schools.
‘In others such as Dorking, Malvern, Borehamwood, Warwick, Oxford and Guildford these will be supplemented by one or two high performing state school alternatives.
‘In other areas, such as Wallington, Altrincham, Orpington it might be exclusively a function of the grammar school system.
‘In others, such as Bath Winchester, York, Colchester, Tunbridge Wells, Chelmsford and Cambridge the a network of a range of high performing schools underpins a high value family housing market.’
As an estate agent, we often get asked what the schools in an area are like, but just how much would you be willing to pay for a home and the school?
With this research it’s becoming obvious that houses and schools are more of a ‘package’ deal – let us know what you think of this in the comment box!<