Homes near top schools cost an extra £90,000
HOUSES located near top performing primary schools cost an average of 42 per cent more than homes in other areas, according to research published this morning.
Parents concerned with securing their children a place at a well-regarded school can pay an average of £91,618 more for a property than they would have to cough up to live elsewhere.
Yet the trend, revealed by the website Prime Location, is significantly weaker in London. Homes near good schools in the capital are only 7.4 per cent more expensive on average – the lowest premium in the UK.
“This could be because external influences on house prices here are much stronger and high population density means there’s more competition for homes in London, even without the lure of living near a top primary school,” said Prime Location’s Nigel Lewis.
Elsewhere in the south east, prices near top schools are 37 per cent higher than in other neighbourhoods.
Meanwhile separate data from BM Solutions, also released this morning, has shown that buy-to-let investors are continuing to take advantage of high rents. Rental yields – the annual income from renting as a proportion of the property’s price – came in at 6.1 per cent last year.