Up to £0.5 million pounds overpaid parents in the UK for its proximity to good school
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Residential property in the UK in the area of the most prestigious schools costs around £344466. Parents on average for the privilege to live near such schools are overpaying for housing, about £40,000, or 13%, compared with housing in the surrounding areas.
Lloyds Bank has conducted a study according to which the largest fee for school paid by parents whose children attend High Schools in Beanfields County Buckinghamshire – £636132 or 186%, compared with real estate in the surrounding areas.
A huge price paid by the parents whose children are studying in The Henrietta Barnett School – £418860 , or 76% more, followed by St. Olave’s and St. Saviour’s Grammar School in Orpington , near which the buyers overpaid £180447, and then Tiffin schools in Kingston upon Thames with a premium of £137665.
The presence of highly prestigious schools in the UK greatly affects the real estate market. Parents wishing to give their child a good education, are willing to spend a lot of money to live near such a school.
Average property price in the region of 30 of the most prestigious schools in the UK is £344466 that is 9.2 average annual wages, and average price of real estate in the country – £267965, accounting for 7.7 per annum in wages.
In the district of the Henrietta Barnett School , where the price of housing is the most expensive site promotion in the social sphere the average real estate value £971882 that is 22.9 annual income of people living here. And in the area of Beaconsfield High School the average cost of housing comprising of 22.1 annual income.
® Alice Morgan on 03.09.2015
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