15 September 2010

Nationwide building society has released a survey that states parents are prepared to pay an extra £8.7670 on a new home, in order to fall within the catchment area of their best primary school in the region.

Properties situated near a primary school, in which pupils attain 10% better results than neighbouring schools, can increase in value by up to 4.6%. This calculation comes a day before the publication of key state two results in English and Maths for 10 and 11 year olds all over the country.

The lender found that being situated close to a school in which these national tests scored 10% better than other schools caused an average house price increase of 3.3%. This rose up to 4.6% in some cases across the nation, such as Yorkshire and Humberside. The prices of London homes within the catchment area of top primary schools rose by around 3%, which works out at an additional £8,670 on the average home.

Nationwide conducted this analysis of the impact on house prices of living near a top primary school in November, but it has been updated by the lender for the current economic situation.

 

Source: Daily Telegraph

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