28th Sep, 2015
One of the key factors for people looking for property is the proximity to good local schools. It has long been recognised that properties located near to a certain school can command a higher asking price or rental price. New research from urban.co.uk states 95% of homebuyers would pay up to 25 % more to live close to a school.
Meanwhile, 38 % would be willing to buy a 'lesser' property if it meant being located in a desirable catchment area, demonstrating just what an influence schools can have on the property market.
Urban.co.uk founder Adam Male stated: "Quantifying the influence that being in close proximity to a school has on house hunters has been truly eye-opening.
"The results make for particularly interesting reading for those selling a property within a school catchment area. When marketing the property, these findings show that real focus should be given to the location of the property in relation to the nearest school, highlighting the benefits provided as part of the enrolment process and the ease of school run, for example."
It's not just the sales market that is heavily influenced by schools. The urban.co.uk research found 81 per cent of renters would also be willing to pay up to 25 per cent more to live near to a school. Meanwhile, 42 per cent of tenants would live in a lesser property provided it's located in a desirable catchment area.
Some 30 per cent of renters said being near a school is their key concern when choosing a home. This is significantly higher than being close to a town (15 per cent) and near a train station (17 per cent).
Earlier this year, the impact of schools on the rental market was demonstrated by research from Countrywide. The organisation found 28 per cent of properties rented within a kilometre of schools with an 'Outstanding' OFSTED rating are occupied by families with children. In 2009, this figure stood at just nine per cent, demonstrating the rapid growth of the PRS. Indeed, more than half of homes close to leading schools in London are rented by families.
Such is the desire to be located in catchment areas for certain schools, some tenants pay between 15 per cent and 20 per cent more than their counterparts on the same street who fall just short of the boundary line.
What can letting and estate agents learn from these figures ' One key takeaway should be that proximity to schools needs to be something that plays a prominent role in their efforts to market properties. This could be particularly significant for letting agents due to the growing number of families with children moving into the rented sector.
Source : RMan
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