Living near a good primary school can add around £18,600 to the average house price in England, a new government study has found.
A study conducted by the Department for Education (DfE) has found that house prices are around 8% higher near the best-performing primary school and 6.8% higher near the best secondary schools.
The DfE released a statement saying that ‘selection by house price’ was restricting access.
Property experts said schools affected house prices in the same way transport links and broadband speed does.
According to the report, if you were to live in London, near one of the top 10% of primary schools, it would add an extra £38,800 to the value of your house.
Across England, the average house price is now £232,900, but if you were to live near one of the best primary schools, your house would go up in value by £18,600 and £15,800 if you were to live near one of the best secondary schools.
Previously, similar studies have been carried out by banks and estate agents, but this is the first time the government has published its own findings on the matter.
The study found:
- House prices near the 10% best-performing primary schools are 8% higher than in the surrounding area
- Near the 10% best-performing non-selective secondary schools, house prices are 6.8% higher
- There is a "clear link" between the price paid for a home and access to good schools
However, the DfE did go on to say that the difference in house prices, couldn’t be attributed to school quality alone.