A recent study conducted by Confused.com using Ofsted data, calculates the average cost of living in an area with local ‘outstanding’ sough-after schools.
School admission rules in London are based on location where your child needs to live in the catchment area to stand a chance at being accepted. The problem however is that the number of school pupils outstrips the number of places available, meaning the school catchment crisis is more prevalent than ever.
Any parent that has enrolled a child in a local school will tell you to do it well in advance and in some cases some have considered or even gone ahead and moved house to ensure the best possible education for their children.
So, to ensure their child is accepted, how much should parents expect to pay to live near the best secondary’s out there?
Home owners should expect to fork out £331,605 on average to live near an OUTSTANDING school
Experts at Confused.com analysed the Ofsted ratings of 20,545 secondary schools in England and found that the average house price increases considerably the better the local school.
Living within a catchment area of London’s top-rated schools could cost you millions.
London parents could be paying up to £1.7 million just to be accepted into the best schools locally. The data by Confused.com reveals that the average house price in London close to an ‘outstanding’ secondary is £635,949, whereas living in an area with a ‘good’ Ofsted rating reduces the house price by £41,069.
Buying a house in an area near a school that has received an ‘inadequate’ Ofsted rating is considerably cheaper, costing £461,273.
The top 10 schools with the highest house prices nearby
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Buying a house near an outstanding school in Western Central London, on the will cost you a staggering £1,345,614.
SW7 is the most expensive postcode in England if you want your child to attend an outstanding school
Unsurprisingly, the most expensive postcode for an outstanding school is SW77. Covering the area of South Kensington and part of Knightsbridge, living in SW7 will set you back a whopping £1,795,725 on average.
A spokesperson for Confused.com says:
“Buying a home near a good school is something parents start thinking about years before the time comes. But what they might not realise is how much this is going to cost them. We found that those looking to move near a school with an ‘Outstanding’ Ofsted rating could be paying almost £40,000 more than those rated ‘Good’, on average.
“There is a lot to consider when applying for schools, and it can be quite confusing for parents who might not know where to start! So we’ve created a guide to buying a house in a good catchment area, which highlights some of the key considerations and things parents can explore to help them get their child into their school of choice, without forking out for a new house.”