Property premiums of more than £200k for top London schools

Estate Agents

Thursday, September 22, 2011

Living in the catchment area of the top 10 primary schools in the Capital commands a property premium of more than £200,000, suggests new research from leading website Propertywide and Hamptons International.

The research, conducted by property website www.propertywide.co.uk in conjunction with leading estate agency Hamptons International, compared concentric circles around each school taking two measures:

·         All properties up to half a mile from the school (assumed to be properties within the catchment area)

·         All properties between half a mile and one mile from the school (assumed to be properties within the same area but outside of the catchment area). 

The research highlights that the average asking price of property within half a mile of London's top 10 schools is £972,000, compared with £802,000 for property situated between half a mile and a mile - a premium of 21 per cent.

The highest premium paid was for the second ranked primary school inLondon- Hampstead Parochial Church of England Primary - where the premium was more than £650,000, or 36 per cent higher than other property.

GreaterLondonSchool

Area

Ranking

Up to ½ mile

Bet ½ mile to 1 mile

Diff

%

HampdenGurneyChurchofEnglandPrimary

W1H

8

£2,033,046

£1,754,426

£278,620

16%

Hampstead Parochial Church of England Primary

NW3

5

£2,489,379

£1,836,349

£653,029

36%

NewtonFarm

HA2

1

£283,127

£340,445

-£5,741

-2%

Rhodes AvenuePrimary

N22

6

£446,384

£340,445

£105,939

31%

Scotts Primary

RM12

4

£179,998

£226,439

-£46,441

-21%

St Joseph's RC Primary

W9

7

£1,444,469

£1,163,429

£281,040

24%

St Mary's Catholic Primary

SW15

9

£393,322

£314,511

£78,811

25%

St Mary's Church of England Primary

WD3

3

£724,226

£745,385

-£21,159

-3%

The Cathedral of St Saviour and St Mary Overy

SE1

2

£768,001

£608,317

£159,684

26%

The Queen's Church of England Primary

TW9

10

£955,178

£746,249

£208,929

28%

Average

 

 

 

 

£202,700

21%

Marc Goldberg, Head of Sales at Hamptons International, commented on the findings: "Property situated within the catchment area of the Capital's best schools has long been a sought after commodity.  While at first glance, a £200k premium appears costly, for manyLondonfamilies, this can be a more cost effective option in the longer term than paying expensive school fees: properties within these catchment areas will always be in demand and homeowners can be confident they will see their money returned when they eventually come to sell."

 

Adam Challis, Head of Research at Hamptons International, added: "This research shows the positive impact of good local schools on house prices. Government needs to be careful that a policy of choice is not simply perpetuating a class divide between those who can afford these premiums and those who can't."

 

Note to editors:

1)       The average property prices were taken from propertywide.co.uk and use data from August 2009-August 2011

2)       The Top 10 Schools data was taken from the Department for Education 2010 League Tables

 

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