Wednesday, August 17, 2022
UncategorizedLiving near an ‘outstanding’ school in London adds £75k premium

Living near an ‘outstanding’ school in London adds £75k premium

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Photo by Markus Spiske on Unsplash

Keeping a close eye on Ofsted rankings is normal for many parents with young children. Living in a catchment area for a school rated ‘outstanding’, the highest grade by Ofsted, is highly sought after. And homes near these schools usually come at a premium, especially in London.

Recent research from Portico London estate agents revealed the premium for living near primary schools in the capital that has been rated ‘outstanding’, in addition to the boroughs and catchment areas with the most affordable and most expensive average property prices.

The price of education

The average London house price near an ‘outstanding’ state primary school is £693,849. This is a whopping £150,000 more than it costs to live by a school that’s been rated ‘needs improvement’ by Ofsted and even £75,000 more than the average London house price.

Marketing Director at Portico Fiona Veitch, comments, “According to our research, the average property price of a London home in the neighboring area of an ‘outstanding’ state-funded primary school costs £693,849. Compared to the average London property price of £618,587, this means parents will pay a huge premium of £75,262 to give their kids the best start in life.

“Living near a state-funded primary school with an Ofsted ‘needs improvement’ rating costs even less. In fact, the average property price near a school that ‘needs improvement’ costs £540,638 – which is over 22% cheaper, or over £150,000, less than an ‘outstanding’ school area.”

With 342 ‘outstanding’ state primary schools in London, the capital is home to the highest number of top-rated schools out of all UK regions. Barnet, a north-London borough, boasted 24 ‘outstanding’ schools, which is the most in the capital. Lambeth followed with 22. Richmond upon the Thames came in third with 20, while Hackney and Wandsworth were joint fourth with 17.

Photo by NeONBRAND on Unsplash

The most affordable areas and schools

Boroughs Barking and Dagenham and Bexley both featured the least number of ‘outstanding’ schools with three, but when looking at the average property prices of all 32 London boroughs, Barking and Dagenham boast the best value. The average property price within the borough is £307,463, which is less than half the average London house price of £618,587.

Out of all 342 ‘outstanding’ schools, two schools located in Hounslow made the top of the table for the best value. Edward Pauling Primary School’s catchment area has the lowest average house price of just £233,615. And with an average price of £247,571, living near Beavers Community Primary School comes in a close second.

With average prices ranging from £269,453 to £277,079, St Stephen’s Catholic Primary School in Bexley, Cardwell Primary School in Greenwich, and Gifford Primary School in Ealing are the third, fourth, and fifth most affordable catchment areas.

The most expensive areas and schools

On the other side of the coin, Kensington and Chelsea are home to the most expensive average house price of £1,739,269 on the list of London boroughs with ‘outstanding’ primaries. This is an astonishing million and a half more than in Barking and Dagenham, which is the most affordable borough with top-rated schools.

When looking at specific catchment areas, the most expensive is Westminster’s St Peters Eaton Square Corn Primary School with the average price coming in at £3,184,794. Kensington and Chelsea’s Christ Church CofE Primary School follows in second with £2,589,755.

Primrose Hill School in Camden has an average house price of £2,573,738 in its catchment area, but Kingsgate Primary School, which is located in the same borough, costs 77% less with a significantly lower average property price of £578,896.

Borough price gaps

House price premiums are often found in areas close to ‘outstanding’ primary schools, but as this data reveals, the prices range widely across London boroughs with top schools. There are even substantial gaps in house prices within boroughs, varying for specific catchment areas.

The marketing director at Portico adds, “Each year, parents across the nation fight to get their children into the right school, and we see many families moving purely to be in the catchment area of a specific school.

“Despite there being such a strong correlation between house prices and top-rated schools, we hope our research will help the parents who are looking to move to an ‘affordable’ area near a top-rated school see what options are available to them.”

If you’re looking for a house near an ‘outstanding’ primary school in London, the research shows there are more ‘affordable’ areas that have lower prices than the average house price for the capital as a whole.

Visit Portico’s website to view the entire table of all 342 ‘outstanding’ primary schools in London and the average property prices in their catchment areas.

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