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As parents want to ensure their children get into the right school, being within a desirable school catchment area is a huge consideration for families when buying a property. With this, their children will receive priority over other applications from people living outside the area.
This essentially means that houses in such areas will come at a premium that parents will be willing to pay for. In fact, recent research from Santander Mortgages revealed that living in the catchment area of one of England’s top 100 state secondary schools carries a 42% house price premium compared to the surrounding area.
Top state schools drive house price premium
The study, which surveyed over 4,000 UK adults, found that parents with school age children who have moved or are willing to move to live in their preferred catchment area are prepared to pay £26,860 more than the average UK property price in a bid to secure a space at a top school.
Parents keen to move are also prepared to pay a higher premium for a school catchment area than nearly any other amenity, as they’re only willing to pay an 11% premium to live in an area of low crime or 10% for good transport links.
The catchment area premium is, unsurprisingly, at its highest in London - currently standing at £70,675 - with parents in the capital willing to pay 15% more to live in the vicinity of their first-choice school, more than anywhere in the UK.
For buyers, the benefits of living in the right catchment area are clear – you’re more likely to get your children into the best schools – but this is also likely to cost you more in terms of asking price.
How sellers can benefit from living in a good catchment area
Living in the vicinity of a top ranked school can benefit sellers greatly as – as we can see from the above - it carries a significant house price premium. If families are looking to move into a catchment area specifically to boost their chances of getting into their child’s preferred school, they are probably more willing to pay a higher price.
Because of this, as a seller, you will not only want to show the benefits of your property itself, but also point to the nearby schools that are sure to entice prospective buyers who are moving with children.
A place to search for schools
All in all, parents are prepared to sacrifice a lot to give their child the best start in life and will go as far as to move home. Here at Kings Group we provide a school search page, complete with an interactive map that allows parents to see top schools in catchment areas and properties available at present in those areas.
Our page shows local schools, their Ofsted rating (from inadequate to outstanding) and the properties for sale in various school catchment areas. It’s free to use as many times as people want. For sellers, this is a great place to advertise your property (and the catchment area it sits in), while it’s beneficial for those parents thinking about moving to an area because of a school.
Here at Kings Group, we provide guidance on selling property in North London, East London, Hertfordshire and Essex. For more information on how we can help to sell your home, contact your local Kings Group branch today.
To find out how much your home could be worth on the current market, you can request a free instant online valuation.