It’s only natural for parents to want the best education for their child – but living near to the best schools comes at a price. According to new research* , homebuyers are willing to pay a hefty cost to live near to schools rated ‘excellent’ by Ofsted.
The results showed that homes located within 0.25 miles of such schools cost British parents an additional 2.5% on average – this equates to an extra £7,235 for the average UK home.
It’s all about location
The research also found that the price differential varies according to where in the UK the preferred school is located. East Midlands parents pay the highest premium, with homes near excellent schools commanding 4.4% more. In second place is Yorkshire and the Humber, with a 4.1% average premium, with the North East coming in third at 3.4%.
London commands highest additional cost
While the price premium to live close to an excellent school in London is comparatively lower at 2.9%, higher average house prices in the capital mean that parents must pay an average of £15,143 extra for the privilege, making it the highest additional property price determined through the research.
*Bective, 2022
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