The new school year is underway for over 10 million children across England and Wales and school catchments rate highly for many choosing a home. How much more are home buyers prepared to pay to live close to an Ofsted rated outstanding school?
An analysis of property sales across England and Wales (excluding London) over the last year reveals a 10% price premium associated to homes close to an outstanding primary school and 17% price premium associated to an outstanding secondary school.
Properties located within one mile of an outstanding primary school sold for, on average, £22,686 more than properties within one mile of other schools, the price premium for secondary schools was £37,558.
Detached houses attract the largest price premium, with buyers here having to find an extra £90,000+ to live within one mile of an outstanding school.