The summer holidays are over and the kids are back at school, which got us thinking about how school catchment areas affect the Worcestershire property market.
School catchment areas are of course a major factor for families when choosing a new home – and buyers are often prepared to pay more to be within catchment of their preferred school.
Researchers at Dataloft have been looking at the figures and uncovered some interesting statistics about just how much buyers are prepared to pay to live close to an Ofsted rated outstanding school.
An analysis of property sales across England and Wales (excluding London) over the last year reveals a 10% price premium associated to homes close to an outstanding primary school and 17% price premium associated to an outstanding secondary school.
Properties located within one mile of an outstanding primary school sold for, on average, £22,686 more than properties within one mile of other schools, the price premium for secondary schools was £37,558.
Detached houses attract the largest price premium, with buyers here having to find at least an extra £90,000 to live within one mile of an outstanding school.
Kidderminster and Worcestershire have a wide variety of schools, so be sure to ask you estate agent how school catchment areas could affect you – whether you are selling a property or looking to buy property.
For more advice about property in Kidderminster and Worcestershire give us a call at Nock Deighton on 01562 745082 or email firstname.lastname@example.org