Homes in England near top performing schools cost an average of 16.6% more

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The average value of a home within a mile of one the top 50 best performing schools in England is 16.6% higher than average values in the surrounding local authority area, new research shows. Overall Sevenoaks School has the biggest uplift in house prices among the 50 top performing schools, with sales prices in 2014 some 221% higher, according to the analysis from international real estate firm Knight Frank. On a regional basis homes near the best schools in the North East command the largest uplift at nearly 47% while the best value houses around the top 50 schools are found around Scarborough College, where prices of homes within a mile radius are 41%, or £70,094, below the average values in the local authority area. ‘When deciding on a location for their family, parents can place a great deal of focus on the level and quality of education that local schools can provide and as a result good schools can be an important driver of local property markets,’ said Oliver Knight, of Knight Frank’s residential research team. ‘Our research highlights this, showing that in general people are willing to pay a significant premium for a home close to some of the UK’s best schools. However, the size of the price uplift varies and it will be affected by the location and the type of housing stock on offer in a given area,’ he added. According to data from the Land Registry for actual achieved sales prices within a mile radius of Sevenoaks School in 2014, the uplift translates to a premium of £425,291 compared to the average house price in the wider local authority ‘As Sevenoaks School offers pupils the internationally recognised Baccalaureate, it has opened up the town to international buyers which has increased the demand for the housing stock beyond the traditional local and national market. An English education has world wide appeal,’ said Edward Rook, of Knight Frank in Sevenoaks. In London, where property prices tend to be higher and the frequency of public transport means accessibility and the daily commute is less of a factor, the uplift is 4.9%. In the East of England it is 33.5%, in the East Midlands 30.9%, in the North West 29.6%, in Yorkshire and Humber 27.8%, in the West Midlands 25.8%, in the South East 23.9% and in the South West 19.4%. Continue reading →

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