How living near good schools commands a premium

4 June 2020 | General

Living near a good school can add as much of a third to the typical house price, research from comparethemarket.com has found.

In Warrington it costs £322,321 to live in areas surrounded by schools rated ‘outstanding’ by Ofsted, 33% more than the £243,000 you’d typically expect to pay in the town.

Elsewhere, there is a 22% price increase in Western Central London, while living near the highest rated schools costs 20% more in Swindon.

Mark Gordon, director of money at comparethemarket.com, said: “Living within the catchment area of schools rated as ‘outstanding’ by Ofsted is a top priority for parents wishing to give their children access to the best quality of education.

“The cost of living in these high-demand areas can be a big concern for families, who often face a trade-off between house price and quality of education. However, our latest research reveals that it is possible to still reap the educational benefits without the price tag.

“The quality of children’s education is not something that parents should have to compromise on, and the dream isn’t necessarily out of reach.

“By getting the right mortgage advice, using the right tools and following the right steps, it may be closer than you think. Our mortgage eligibility calculator helps families to see how much they may be eligible for.”

This post has originally been featured in Property Wire.