Today, I read a report in a British newspaper that came as no surprise to me at all. This Is Money reported that proximity to good schools added just under five percent to home prices in the United Kingdom, reflecting many parents’ shared desire to live in a place where they can give their children access to the best education possible. What we call “zoning” for school placement in the United States is referred to as “catchment” on the other side of the pond. And it seems that parents will pay dearly to secure the prime catchment for their beloved babies. At the highest end of the scale, this means that some parents are paying as much as eight thousand pounds more for homes close to educational facilities that are considered to be superior, give the average home price across the nation.
What was a superior school considered to be, for the purposes of determining whether parents would or were paying more on their mortgages? Local primary schools having at least ten percent more eleven year old children who scored at least a Level Four on their Standard Assessment Tests than surrounding schools met the grade, so to speak. Homes in the catchment zones for these high-achieving schools saw a significant increase in home prices, which is delightful news for those folks looking to unload properties in the areas.
It’s not really news that parents will go to significant lengths to ensure their children the best placement possible, but this study really drove that point home. I have no doubt that a study conducted in the United States would find similar results!
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