3
Aug
Houses for sale in catchment areas 'worth lot more'
Homeowners have been encouraged that their houses for sale could be
worth a lot more if they are in a school catchment area.
According to Selwyn Lim, director at Mouseprice, people expect to
pay a substantial premium for their properties if there is a good
school nearby.
He said that if location makes a significant difference to where
their children go to school, parents are often willing to up their
budget.
"It just goes to show the value that some parents do put on
education," Mr Lim added.
This comes after Nationwide reported that people are prepared to
spend up to £8,670 more for a house for sale in a good
catchment area.
It also reported that a ten per cent increase in the Sats pass rate
at the nearby educational facility could increase property prices
by an average of 3.3 per cent.
Mr Lim stated that paying a premium of up to 4.6 per cent for these
properties is not that much of a financial burden if you divide the
cost per child per year.