Better Value Out of Catchment?

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 property in the catchment areas of the country’s top 100 primary schools is on average 42% per cent higher than property in the 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 £10,000 to the 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 areas are not necessarily inferior to those within catchment, and if you are a buyer falling into this category you might do well to question preconceptions as to what constitutes a “good area”.

Out-of-catchment homes are often better value than those close to the popular schools. “Better value” means different things to different buyers, but could mean that for the same price you could expect to find better accommodation, larger garden, nicer condition or additional parking.

So if local schools do not figure in your life, then take advantage of the hidden discount offered to those buying “on the other side of the street”. You could save yourself tens of thousands of pounds!

Sources: * Primelocation  **Barclays