Good schools raise house prices
03 October 2003
Parents are willing pay up to 16 per cent more for homes in the catchment area of a good state school, according to new research.
A study by the Royal Institution of Chartered Surveyors (Rics) found that competition among parents with young children has driven prices up in areas close to good schools.
People in the West Midlands are prepared to pay the most for property close to a good school, Rics says, while Londoners pay just seven per cent more.
On average parents will pay an extra 12 per cent for their home to ensure their children can attend a good state school.
The research also found that parents were prepared to pay more to be near a good primary school than a good secondary school.
Rics has dubbed the parents EELS, as they are interested in Education, Education, Location.
A housing spokesman for Rics said: "Good state schools are a deciding factor for many buyers. People are happy to pay a premium."
Research carried out earlier this year by Barclays found being close to a good primary school could boost the value of a property by up to a third.