Catchment areas add value to properties

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by Kay Murchie

Parents looking for good schools for their children are pushing property prices up according to estate agents.

For many years, estate agents have said that house prices are higher if there is a good local school.

For example, properties in the catchment area of a top London state school are selling for £165,000 more than similar properties just a few streets away.

According to Andrew Hunt of Kinleigh Folkard & Hayward estate agency in Muswell Hill, a 4-bedroom terrace house in Lauradale Road, in the Fortismere catchment, is selling for £795,000.

However, on the other side of Muswell Hill, a 4-bedroom house in Winton Avenue which is semi-detached and has a garage is selling for £629,950 - a difference of 25%.

Mr Hunt added that young families are moving from Zone 1 areas, such as Highbury and Islington, to live within the Fortismere catchment area.

Lucian Cook of estate agency Savills said access to good schools is a fundamental component of high house prices, particularly in the suburban areas preferred by families.

Buyers will have more than likely read the Ofsted reports for local schools before they start their search. Areas immediately surrounding the top 25% of secondary schools carry an average house price premium of 13% over the average for the area. That premium exceeds 20% in 31% of cases added Mr Cook.

The same trend has been experienced in other areas. Estate agent Steve Millis of Snellers in Teddington said a 3-bedroom terraced house sold in 1996 for £180,000 has now trebled in value to £540,000. The property is close to Collis School and an offer was made on the property without even viewing it.