Better Value Out of Catchment?
12 Jul 2014
As schools vie for league table position, parents are increasingly selective as to which school their children attend, to the extent that many families move house specifically to live within the catchment area of their preferred school.
Property prices in such areas have typically risen faster than the national average, and a property in the catchment areas of the country’s top 50 community primary school is on average 33 percent higher than property in the local surrounding areas. Properties in the catchment area of a school that achieves a pass rate of just 10% above the national average will command a 4% premium – adding a premium of around £8,000 to an average UK property.*
This provides an opportunity for those who do not have children, or whose children have moved on, to benefit from lower property prices. Districts adjacent to school catchment, and if you are a buyer falling into this category you might do well to question preconceptions as to what constitutes as a “good area”.
Out-of-catchment homes are often better value than those close to the popular school. “Better value” means different things to different buyers, but could mean that for the same price you could expect to find better accommodation, larger gardens, nicer condition or additional parking.
So if schools do not figure in your life, or your children attend an independent school, then take advantage of the hidden discount offered to those buying “on the other side of the street”.