How much is it worth to you to ensure that your children go to the best school that your taxes can buy?
Well, the answer seems to be £12,141.
That’s according to research by Santander Mortgages who have just published their findings into how much the typical parent is prepared to lay out for a home that’s within the slection area for good local schools.
37% of homebuyers with children under the age of 11 state that being within the catchment of a high performing school is vital to them. And this, they admit, means that they would pay a significant sum to secure the right home in the right area, even if the same house exists outside of their ideal school’s vicinity more cheaply.
Women, perhaps unsurprisingly, were surveyed as considering that schools were worth paying for to the extent of 63% more in property terms than the amount that men considered justifiable. Now that must cause some breakfast table arguments.
Compared to private school fees which can set you back £6000 to £10,000 each year, perhaps an additional £12,000 spent on a property makes the bricks and mortar option quite good value as a one off commitment? Especially as the outlay is likely to be recouped on sale by the next eager homebuyer/parent in line, intent on providing his offspring with the best education possible.
With the new Government awash with innovative ideas over free schools, community schools and even the private sector becoming involved with assisting our learning establishments, there’s also every possibility of unexpected profit for the home owning masses here.
Existing schools that once languished at the foot of the results tables, once they’re picked up by the scruff of the neck by entrepreneurial types or pro-active parents, will undoutbtedly then prosper? What will surely follow if so is housing in those areas becoming more desirable due to the change in educational fortunes locally and people’s wish to live in that area in order to access the improved school.
The result? A spike in property values accordingly.
Could the forthcoming change in culture of our educational facilities add up to property profit?