Estate agent Savills has published research showing that access to a good school has an important effect on local house prices. Homes in the vicinity of the top-performing 25 per cent of secondary schools now cost 16 per cent more than their county average, up from 13 per cent in 2007. Homes in areas with a combination of good state and independent schools can be worth two or three times their county average. During the recent downturn, property prices around the top 25 per cent of schools fell by just under 16 per cent, suggesting that good schools can help recession-proof a home.
Paul Jarman, of Savills Barnet, says: “The proliferation of excellent local schools, both state and independent, has for many years been a major driver of choice for new residents, with over 60 per cent of the young families we see moving because of education. Indeed, some of our clients have moved only a couple of roads, to get into the catchment area of smaller state schools. Among leading schools are Queen Elizabeth School for Boys, Barnet; Haberdashers’ Aske’s (girls’ and boys’) in Elstree; St Albans School, St Albans and North London Collegiate, Edgware.”