|Premium for Properties in Catchment Areas for Good Schools|
Parents fork out an extra £20,000 to live near good state primary in Chiswick
Exactly how much extra cash are parents having to part with, in order to buy a Chiswick property near good state schools such as Belmont Primary, Grove Park Primary or St Mary’s RC Primary?
Nationwide Building Society has revealed that parents are ready to pay a premium of up to 4.6 per cent, for a home close to their desired school. The country’s most wanted primary schools are ones where the pupils attain ten per cent better SATs results than other schools in the area. The tests are taken by eleven year old key stage two pupils in English and maths
In London, the premium is three per cent or an additional £8,670 on the average home, according to the study. Since the average price of a Chiswick home sold since March is around £669,000 this local premium represents an extra £20,070.
Christian Harper of Chiswick estate agent OliverFinn: "It’s quite a big premium for families to find but starts to make financial sense if you spread it out over the school lifetime, and divide by the number of children in the family. And of course you’ll recoup your premium when you’re ready to move on.”
The figures, calculated by Nationwide building society, were released in the week pupils across Britain receive their results for the tests
September 13, 2010