Monday, August 29, 2011
£77,000 premium to live near the best schools!
Fascinating article in The Independent today which you can read here.
Primelocation.com argue that people pay a £77,000 premium if a house is in the catchment area for a decent school:
"For many years now the challenges of the catchment area-based lottery for state schools have vexed millions of parents across the UK," says Nigel Lewis, a property analyst at PrimeLocation.com. "Our research highlights how much it can cost to get your child into the ideal school".
My old friend from our days at Savills, Henry Pryor, says:
"In some parts of the country the premium could be more than the £77,000. For example, in parts of Camden where I have a client looking to spend up to £1m, one side of the road can be as much as £100,000 more valuable because it is in the prescribed area for a good school".
Staggering isn't it and a sad indictment of modern life in London.
"The average cost of a house near one of Britain's top 50 state schools is £298,378 – 35 per cent above the UK average asking price of £221,110".
Just a cheeky thought but this is what that £298,378 would buy you in the catchment area of the terrific school in Gondeville (pictured above):