According to research from Rightmove, parents are paying an average premium of £52,000 to live in the catchment area for an Outstanding Ofsted rated school.
This price premium highlights the importance parents put on their child’s education and helps to quantify just how significant good-quality schooling is.
The study of over one million homes in England also found that this figure rises to over £80,000 in London, where competition for London schools is even fiercer.
Miles Shipside, Rightmove’s housing expert, said: “Looking for the right home near the right school is one of the most important factors that home-hunters tell us they look for when they’re thinking of moving.
“Many are willing to compromise on other factors if it means getting their children into a good or outstanding school.”
While Londoner’s pay the highest premium to ensure their children attend an Outstanding rated school, parents in the East Midlands and North East have to pay much less – £23,325 and £17, 090 respectively, or over a whopping 75% less than those in London.
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