According to recent research, parents living in England may have to pay £52,000 more to live in an area which has a primary school rated as ‘outstanding’.
The study reveals that living in an area which has a primary school rated as ‘outstanding’ by Ofsted, will cost a “primary school premium” which is £52,372, or 18%. The study has utilised house prices from property portal Rightmove, along with data from 192.com’s FindASchool, which informs people looking for a house, whether the property was in the admission area for a particular school.
The research also discovered that the price difference between a house in an area which had a primary school classed as ‘outstanding’ compared with a school deemed to be ‘good’, was an average of £36,889 or 12%. The director of Rightmove, Miles Shipside, said that a number of house hunters were willing to compromise on some factors, if it meant they could secure a good school for their children.
Shipside stated that the research highlighted the struggles facing parents who were looking for a home which is the right one for them, and also a place at a good school. The director also added that there were other factors that would impact on the price of a house. Home buyers in the north east face paying the smallest premium, paying £17,090 more.
When faced with high property prices, it is important to find the most cost effective mortgage, which a CeMAP qualified mortgage adviser will help you with.
