As the new school year gets underway, we revisit the well-oiled notion that schools are an instrumental driver of local house prices. How much more are home buyers prepared to pay to live close to an Ofsted rated outstanding school?
Properties located within one mile of an outstanding secondary school sold for, on average, £47,000 more than properties within one mile of other schools.
An analysis of property sales across England (excluding London) since the beginning of 2017 reveals a 20% price premium associated to homes close to outstanding schools.
The highest premiums were for detached houses where buyers had to find an extra £88,000 to live within one mile of an outstanding school.