As pupils are settling in to their new academic year this September, Waterfords wanted to revisit the longstanding tale in the property industry that schools are a significant contributory driver of local house prices.
We wanted to find some evidence and see just how much more home buyers are prepared to pay to live close to an Ofsted rated outstanding school. Waterfords discovered some very interesting results:
Properties located within one mile of an outstanding secondary school sold for, on average, £47,000 more than properties within one mile of other schools.*
An analysis of property sales across England (excluding London) since the beginning of 2017 reveals a 20% price premium associated to homes close to outstanding schools.*
The highest premiums were for detached houses where buyers had to find an extra £88,000 to live within one mile of an outstanding school.*
Do you live close to your local school and wish to find out how much your house is worth? It could very well exceed the area’s average house price if the school is rated outstanding by Ofsted. Call Waterfords today for a free, no obligation market appraisal for your home. With homes selling for 3% more on average in autumn compared to other seasons, now is an excellent time to find out how much your home is worth.
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*Source: dataloft/Land registry andDFE, showing average additional price paid to live within one mile of an outstanding secondary school across England (excluding London) compared to other schools.