Why Living Near London’s Top Schools Costs a Fortune
Homes near London’s top private schools command premiums of up to 77%
The latest research from London lettings and estate agent, Benham and Reeves, has revealed that homes located close to some of the capital’s highest-ranking private schools command substantial premiums, with property values sitting as much as 77% above the wider local authority average.
Benham and Reeves analysed the average house price across the postcode districts home to London’s 50 highest-ranking private schools, before comparing these values to the average house price across the wider local authority in which each school is located, to reveal the premiums being paid to live close to some of the capital’s most prestigious educational institutions.
The research shows that, across the areas home to London’s top 50 private schools, the average house price currently sits at £712,486, some 25.1% higher than the wider local authority average of £553,870.
Queen’s College, London tops the table when it comes to the largest property premium. Homes across the W1 postcode command an average price of £1.92m, 77% above the wider Westminster average of £854,198.
Westminster School and Francis Holland School, Sloane Square follow, both located within the SW1 postcode where the average property price stands at £1.49m, a premium of 54.5% compared to Westminster as a whole.
The SW13 postcode, home to both St Paul’s School and Harrodian, commands an average house price of £1.32m, 46.7% above the Richmond upon Thames average of £818,949.
Queen’s Gate School also ranks amongst the most expensive private school locations, with homes across the SW7 postcode averaging £1.97m, a 44.9% premium compared to Kensington and Chelsea as a whole.
Highgate School and Channing School follow, with the N6 postcode commanding an average house price of £980,970, 42.9% higher than the wider Haringey average, while homes across HA6 surrounding St Helen’s School and Northwood College for Girls are 41.5% more expensive than the Hillingdon average.
City of London School for Girls also sits within one of the capital’s strongest private school property markets, with homes across EC2 averaging £1.07m, 40.2% above the wider City of London average.
Marc von Grundherr, Director of Benham and Reeves, commented:
“London’s leading private schools have an international reputation and attract families from across the world, many of whom will relocate specifically to secure the education they want for their children.
Unlike the state school market, this isn’t necessarily about being inside a particular catchment area. It’s about convenience, lifestyle and being close enough to make the school run practical, particularly for families arriving in London from overseas who may be unfamiliar with the capital.
That international demand can have a very real influence on the surrounding property market, particularly around the very best-known schools where families are often prepared to pay a significant premium for the right home in the right location.
We also see a considerable rental market associated with this demand. Many international families will initially rent close to their chosen school while they settle into London and get a feel for the neighbourhood before committing to a purchase.
For these buyers, renting first provides an opportunity to understand everything from the school run and transport links to the restaurants, parks and wider lifestyle a particular area offers. Once they are established and confident in their chosen location, many then move into the sales market, helping to support demand across both tenures.”
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