Properties near ‘outstanding’ primary schools cost 10% more on average

Properties close to primary schools rated ‘outstanding’ sell for an average of 10% more than homes located further away, new analysis shows. 

With applications for 2021 primary school places opening from November, parents across England have begun pouring over prospectuses and watching online videos to decide where to school their children.

The analysis, which compared the sale price for properties within 1km of primary schools rated outstanding by Ofsted and the local authority average, reveals the premiums families pay to secure access to top-rated primary schools.

The East Midlands has the largest premium at 19%, followed by Yorkshire and the Humber at 18%. In the North East, the average figure was 15%, compared to 13% in the South West and 11% in the South East. 

“The pandemic has changed many things about our daily lives, but the fierce competition that exists for the best school places isn’t one of them. If anything, parents are now more focused on the best-performing schools, a trend that is more marked outside of London. It is no surprise then that homes close to top-performing schools continue to command price premiums within their local areas,” said Chris Druce, senior research analyst at Knight Frank.

In the more densely-populated area of London, where a 400-metre radius was used, a higher number of ‘outstanding’ schools and more numerous demand drivers, including access to work and amenities, affect house prices. As a result, borough-wide prices can be more homogeneous and a premium of 1% was recorded.

It comes as the trend to revaluate lifestyles, including a search for more space and greenery, has fuelled significant activity in the market since it reopened in May, with offers accepted (outside London) up 207% against the five-year average in the week ending 10 October.

Properties close to highly-rated schools have been a beneficiary of this trend according to Christopher Dewe from Knight Frank’s Country Business, who said the pursuit of school places remains a key driver for prices, especially in suburban areas.

“Lockdown made people realise the importance of their children’s education. It has focused parents’ minds on which schools are delivering this best during a challenging period, and ultimately where they want them to attend,” he said.