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| Monday, 2 April, 2001, 15:59 GMT 16:59 UK Top schools add 19% to house prices ![]() Housing markets are linked to schools, say economists House prices are increased by up to 19% in the catchment areas of good comprehensive schools, say researchers. A university study examined links between house prices and state schools and found that parents were willing to pay up to �20,000 extra to buy into areas with the best schools. The research, carried out by the University of Warwick's Department of Economics, is based on a study of house prices in Coventry last summer. And the findings have shown a pecking order of schools and higher house prices, with the most popular state schools commanding the highest premiums on housing. The survey has attempted to isolate the specific impact of schools on the local housing economy and to quantify what has previously been anecdotal evidence of the effect of schools on the housing market. To ensure that this was looking at the housebuying patterns of "ordinary" state school families, rather than the very rich, the study excluded luxury houses from its analysis. The study, which looked at non-selective, non-denominational comprehensives found that the popular Coundon Court school added 19% to local house prices and that another sought after school, Finham Park added 15%. 'Free' comprehensives Both schools were heavily oversubscribed, but children living near the school were very likely to be admitted - which suggested to parents that if they bought into the area it would lead to an assured place. Dr Dennis Leech, who led the research, said that he was surprised by the scale of differences. There had been evidence of estate agents using local schools as a selling point which pushed up prices, he said, but this survey revealed the wider extent of the influence of schools on property markets. It suggested that the notion of a "free" comprehensive education system was accompanied by widescale and substantial spending on housing to get into the right school. And that such economic migration would lead to popular comprehensives serving an increasingly affluent intake. |
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