12 Sep

Properties near to desirable schools carry huge premiums

Properties near to desirable schools carry huge premiums

A study has shown that homes near sought-after schools carry an average premium of £77,000.

The study by primelocation also showed that house prices in such areas are 35 per cent higher than in similar areas without such leading schools, with an average asking price of £298,378.

Those looking for property for sale in Essex should be aware that the average price for a house in Chelmsford, close to the third best state school in the country - King Edward VI grammar school, is £239,120.

Rent in the catchment areas of the top 50 state schools is, at an average of £944 a month, 7.8 per cent higher than the rest of the country. For six of the catchment areas, rental prices stand at a staggering £1,500 a month.

Property analyst Nigel Lewis said: "For many years now the challenges of the catchment area-based lottery for state schools have vexed millions of parents across the UK and our research highlights how much it can cost to get your child into the ideal school."

The research is likely to reignite the hotly debated 'selection by mortgage' row.

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