The latest property market analysis by London lettings and estate agent, Benham and Reeves, has revealed that living close to one of the capital’s top private schools carries an average house price premium of 29%, although in some cases this is as high as 121%.
Benham and Reeves analysed current property values across postcodes home to one of London’s best private schools, comparing this to the wider cost of buying in each borough to see how the two compared.
The research shows that on average, house prices in postcodes home to a leading private school sit at £671,613, 29% higher than the current London average of £519,932.
However, this house price premium climbs to 121% in the W1 postcode of Westminster, where the cost of buying around Queen’s College London is almost £2.2m, versus the wider Westminster average of £978,912.
Hillingdon’s HA6 postcode is home to both the St Helen’s School and Northwood College for Girls and the average cost of buying around these schools currently sits at £709,881 – 60% higher than the borough average of £444,303.
Homes close by the Westminster School and Francis Holland School in Westminster are 53% higher compared to the wider borough, while the Queen’s Gate School in Kensington and Chelsea’s SW7 postcode, and the City of London School for Girls in the EC2 postcode, both carry a 48% house price premium.
Wandsworth’s Emanuel School (42%), Richmond’s St Paul’s (41%), Ealing’s St Benedict’s and St Augustine’s Priory and the Merchant Taylor’s school in Three Rivers (25%) also rank within the top 10 best London private schools with the highest house price premiums.
But there are pockets of private school affordability across the London market and the most affordable is the TW12 postcode in Richmond. Home to the Hampton School and Lady Eleanor Holles, the average cost of a property comes in at £585,443, -23% below the wider borough average of £758,967.
There are 14 other top London private schools that offer a more affordable foot on the ladder versus the wider borough, including the number one. St Paul’s Girl’s School in Hammersmith and Fulham is currently ranked as the best private school in London and property values in the same postcode come in -3% more affordable than the wider borough.
Director of Benham and Reeves, Marc von Grundherr, commented: “Those sending their children to one of London’s top private schools certainly don’t have the usual housing related worries where that all important catchment areas is concerned. But despite this, it appears as those they are more than happy to pay above and beyond to reside within the same postcode.
If you ask me, there’s nothing more valuable than being able to forsake the school run once your child hits an appropriate age to be travelling to and from school under their own steam. With this in mind, it’s no wonder homes cost more the closer you get to school as it provides peace of mind when making this transition that little bit sooner, compared to if they went to school on the other side of the city.