Top North Somerset schools add thousands to nearby house prices
PUBLISHED: 09:00 10 April 2017
Top schools are adding as much as £19,000 to nearby house prices in the South West, according to a Government study.
Figures from the Department for Education (DfE) reveal living near a top-10 per cent secondary school in the area can swell house prices by £16,100 – while top primary schools can add as much as £19,000 to the value of a house.
The DfE said its findings show ‘well-off parents are more likely to have and use the option of moving to an area with good schools or into the catchment area of a specific school than are less well-off parents’.
Andrew Mason, Lloyds Bank mortgage products director, believes top schools could be out of reach for some families.
He said: “Schools with the best exam performance are proving to be an increasingly strong draw for home-movers, as we’ve seen house prices rise sharply in locations close to such schools.
“The popularity of areas close to high performing schools may mean that homes remain unaffordable for buyers on average earnings.”
A Weston estate agent believes schools are one of the top priorities for buyers – and the success of Priory Community School, which is rated outstanding by education watchdog Ofsted, in particular is ‘definitely’ making houses nearby more sought after.
Abbie Elkins, of Palmer Snell estate agents, said: “With Priory, a lot of people say they want to be near there, so that higher demand will naturally push up the price.
“A lot of people will come in and say we want to be within the Priory catchment area – probably more than any other thing.
“We get a lot of families moving from out of the area and they say they want to be near Priory because they have heard it’s a good school.”
Ms Elkins said primary school Haywood Village Academy, which opened last year, is boosting house prices in the area.
She added: “The new primary school has created a big push there.
“You were getting a two-bed for around £160,000 – you’re now looking to get one for around £185,000 which is a big increase.
“A lot of people are wanting to get their children in that school with it being new.”