Shools boost property prices in London

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by Kay Murchie

According to Katy Stern of estate agent Foxtons, people are prepared to pay a little extra for a property as they are so determined to get their children into a good school.

New homes built just yards from the schools in the borough of Haringey are selling for nearly 30% more than similar houses outside the catchment areas.

This is despite the fact of reports showing falling house prices and a lack of mortgages as a result of the credit squeeze.

Families are paying up to £400,000 to live in the catchment area of two of London’s best schools.

Fortismere School is at the top of the league table in Haringey and was voted one of Britain’s best comprehensive schools.

Tetherdown Primary in Fortis Green is one of the top 15 primary schools in England.

The development of 9 five-bedroom homes in Woodland Terrace overlooks the playing fields of Fortismere School and is just 70 yards from the school gate. The homes are also just 400 yards from Tetherdown Primary.

Fortismere’s catchment area for this September’s intake is just 0.6 miles. Tetherdown’s small catchment area has been extended by including an extra class at entry level, and now includes the new homes built on a former tennis club in Twyford Avenue.

The properties are selling for between £1.8 million to £2 million, compared with nearly £1.4 million for an equivalent property in Crouch End which is just under 2 miles away.

Estate agents, Kinleigh Folkard & Hayward, have said that very few properties go up for sale in the area as residents stay for years.