House prices 'more expensive' near good schools

Posted: 03 Aug 2010 10:57:58 GMT

Parents are willing to spend more on a property if it is in the catchment area of a good school, one expert has stated.

Director of Mouseprice Selwyn Lim said many mums and dads would justify the additional cost by thinking of the time their offspring would spend at the academic facility.

"It just goes to show the value that some parents do put on education, [but] it doesn't translate to that much money per child per year if you divide it," he added.

Mr Lim's comments follow the release of figures from Nationwide, which revealed some people are prepared to fork out an extra £8,670 for a dwelling close to a desired school.

According to the findings, a ten per cent increase in the Sats pass rate can add a 3.3 per cent premium to an abode.

Mr Lim claimed the amount does not add up to much if it is spread across a child's entire schooling age or in a family with 2.4 children.


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