Why the local school is an important asset to your home
As the nation's children return to school this month, thousands of parents will be delighted that their offspring will be attending the school of their choice.
In the battle for school places, many of these parents may well have taken the matter into their own hands – moving home to guarantee their child entrance to one of the area's best schools.
Over the past few years, as school catchment areas have reduced in size to accommodate a growing population, proximity to a top school has become an increasingly valuable selling point for property sellers.
A study recently released by Santander Bank shows the extent that some buyers are willing to go to secure their desired school place.
The research found that families are prepared to spend a premium of 18% - equivalent to £32,127 – to get a property within the catchment area they are targeting.
Over a quarter of parents with school children surveyed by the bank said they have either bought or rented a property to secure an address in a certain catchment area.
It seems that many of these parents are willing to make significant sacrifices when it comes to the property in order to secure that all-important school space.
A quarter of those who relocated for a particular school said they downsized to facilitate the move, while 31% said they moved to an area they did not like just to make sure their child went to the right school.
What's more, two thirds of parents who expect to move again before their children leave school agreed that catchment areas will have an impact on where they choose to live.
A different study, carried out by mylocalmortgage.co.uk, found that when looking for a home, secondary to price, availability to good schools was the joint-top factor for the 35-44 year-old demographic.
What all this highlights is that when marketing your home and carrying out viewings, as well as showing the benefits of the property itself, things like schools and local amenities are also very important to prospective buyers.
As we can see, some parents will go to extreme lengths to get their child into a top school. If your property falls within the catchment area of a good one – make sure bring this up when families show an interest in your home – it might just be the dealbreaker for them to make an offer.
The next few months will see many parents sussing out their housing options while looking at what schools they will be applying to for the next academic year. Deadlines for secondary school applications close on October 31, while for primary schools the date is January 15 2016 – so if your property is well placed when it comes to schools, now is the perfect time to take advantage.
For further advice on buying and selling property, here at Tepilo we would be delighted to help. You can contact us on: 0844 3878377.
We boast a team of highly experienced managers who are dedicated to your sale from the moment we are instructed right through to completion.
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