08 May SCHOOL CATCHMENT AREA AFFECTS HOUSE VALUES
The most important factor, in any family with young children, The Buyer’s ‘wish list’ before viewing properties, in their particular area, is good state schools.
With the average cost of sending a child to a private school, at almost £13,200 a year, it has become more important for home buyers to seek their new home, in a good state school catchment. This increased demand, has an impact on property values and premiums are being paid, if your home is in a good school catchment.
According to the latest report from the Royal Institution of Chartered Surveyors (RICS), buyers will pay an average 8% premium on a home, if it is located within the catchment area, of a so called ‘good school’.
All state schools are inspected on a regular basis, in regard to their performance. Ofsted inspects English state schools, whilst in Wales, Estyn, Her Majesty’s Inspectorate for Education and Training in Wales, publish school league table and reports. For more information visit www.estyn.gov.uk
Purchasing a property in a good school catchment area, at a premium, may appear to be a wise move in the long term, but be warned, school catchment areas can change and your original purchase premium, may be lost if school boundaries change.
Also, bear in mind, that even if your proposed new home is in a good school catchment area, there is no guarantee that your child will obtain a school place, if it is already over subscribed.
Parents desiring to get their children into a school of their choice, may even contemplate breaking the rules, by purchasing an investment property, as a means of securing an address in the catchment area.
Apart from the moral issue, of depriving another local child of a place, there is a good chance that you will be found out. Local Authority schools, are now wise to this selfish act and are asking for proof of residence, utility bills and Council Tax bills. Many schools, now routinely carry out home visits, prior to the child commencing school.