Parents are rejoicing as schools finally reopen after the long summer holidays, but research reveals how much extra families are willing to pay for a property to secure a place for their child.
In Figures
According to Santander, parents in Wales are prepared to spend over £12,000 extra on a property, to make sure they are in the right catchment area – a ‘catchment premium’.
In a survey of over 4000 parents, those with children of school-age were willing to pay up to 12% more for a property to live in the desired catchment area, and 24% had chosen their property solely based on the school they wanted their children to go to.
According to another report released by Lloyds bank, the prices of family homes situated near high-performing state schools average at £415,844. This is 45% more than the average property price across the UK. This is a trend that is set to continue as the population increases and availability of preferred schools declines.
Lloyds go on to report that while across England as a whole, the average house price has climbed by some 22 per cent in the last five years, homes in the vicinity of good schools have gone up by 39%, or £116,696.
Rightmove has also undertaken its own study with 192.com’s FindASchool comparison service, which also showed that parents can up paying 18% more to live near a good school.
Good Schools in Swansea?
Every parent wants to make sure their child gets a good education, so what are the top performing schools around Swansea?
Wales’ new colour-coded scheme rates primary and secondary schools from green (high effective) to red (in need of greatest improvement). Yellow and amber indicate middling ratings.
The latest report from 31st January this year shows that all of Swansea’s secondary schools are rated green.
This is not only good news for our education system, but also for our housing market; families are likely to be looking for accommodation, both to buy and to rent, across the whole of Swansea.
Property Prices
Average price for a property near a secondary school in Swansea*:
- Bishopston Comprehensive – £291,955
- Bishop Gore School – £212,653
- Cefn Hengoed – £119,140
- Gowerton Comprehensive School – £151,261
- Olchfa School – £212,653
- Pontarddulais Comprehensive School – £151,261
- Ysgol Gyfun Gwyr – £151,261
- Ysgol Gyfun Gymraeg Bryn Tawe – £112,142
If you’d like advice on investing in property in Swansea, or if you are a landlord looking for long term tenants, we would be more than happy to help. Give the team at McCartan a call on 01792 430100, or email us on [email protected].
*Figures correct as at 28/09/17.
Sources: Wales Online / Property Industry Eye / Property Industry Eye / Rent Man
Related: Buy-to-Let Deal of the Month, August / What does Swansea’s £500m regeneration bid mean for the rental market?
