Good schools 'add almost £20,000 to property value'

Posted: 24 Nov 2009 11:58:45 GMT

Home buyers can pay up to £19,500 more if the property they wish to buy is located in the catchment area of a good school, according to recent figures.

In a study by Nationwide Building Society it was found that schools with a 100 per cent attainment rate of level 4 SATs or above made homes in the area much more desirable than homes in the catchment area of a lower-achieving school.

Property prices for a home located near one of the country's top 2.4 per cent of schools could be 11 per cent higher than a property with identical specifications near a school where results were not so good.

Peter Bolton King, chief executive officer of the National Association of Estate Agents (NAEA) said: "Good schools will always be a key draw in the family homes sector."

Mr King says that school locations ought to be part of the research undertaken by home buyers before buying a property.

According to Land Registry figures from September, the average house price in England and Wales is £158,377.

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