Why homes near schools sell… and why it’s good news for families

Sep 25, 2015 by

Why homes near schools sell… and why it’s good news for families

Why homes near schools sell… and why it’s good news for families

When it comes to getting the best possible schooling for your child then, like it or not, your postcode matters. The best primary and secondary schools across the country are a magnet to parents who are eager to give their offspring a good education. Getting into the all-important catchment area matters and, as a result, properties in these areas are in hot demand.

A recent study by Santander showed that one in four families have relocated in order to get their child into a better school. One in three have changed jobs in order to engineer the move.

Former Independent editor Chris Blackhurst recently penned a column on the issue and pinpointed a case where one person rented a flat that they never used simply to get an address in the right location – while others allow their children to sit entrance exams to schools miles away with a view to moving to the area if successful.

The Financial Times highlighted how this creates a mini property bubble within a short radius of the school gates. It reported on a study from Lloyds that shows how homes near top state secondary schools are worth about £41,000 more – while Beaconsfield High School in Buckinghamshire adds a whopping 186 per cent to prices of properties nearby when compared to similar properties in the county.

The report quoted Andrew Mason, Lloyds Bank mortgages director, who said:
“The presence of a top-performing state school appears to help support property values in many of these locations as parents compete with other buyers to land the property that gives their child the best possible chance to attend their chosen school.”

So why is this good news for families? Well, put simply your home will – as a result of its proximity to a school – be an even stronger asset and the demand is likely to be strong and long-lasting.

Other families will be in need of homes such as yours so if you need to sell to move for any reason – or if you eventually want to downsize when the littles ones have grown up and flown the nest – then this will be an asset that you should market to sellers.

It’s also comforting to know that while the price might be high initially, the ‘school factor’ will remain and help your home to weather any other market factors that might be in force. The practice of moving to be closest to the best performing schools seems to have become more and more popular as places in the best schools become scarce and the practice becomes accepted.

The chances are this will have added greatly to the amount you paid for your bricks and mortar asset when you bought it.

This gives you a trump card to play. These days the market is a competitive place to be – with traditional high street retailers being taken on by the likes of HouseSimple – and it pays to be able to stand out.

When weighed up against an almost identical home in terms of the numbers of bedrooms, age, space, facilities, etc – that all-important location near to a school could hold the balance of power between earning you a sale or not.

 

 

 

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