We know, when it comes to investing in property, we’re not just looking at the bricks and mortar, interior design or the fantastic garden space. It’s all about location, and the quality of schools in the area is of major consideration to many, especially those with children or who plan to have family in the future.
Property experts would agree that schools affect prices in a larger proportion than other amenities like high-speed broadband or good transport links do, and the most competitive housing markets often centre around the best community amenities, with schools remaining a top priority.
Property prices and popular schools
According to a recent Bank of Scotland study, parents are paying up to £41,000 extra, compared to average local house prices, for homes close to Scotland’s top state schools as reported in Property Wire. A typical property near the country’s top performing 20 schools is 22 % more expensive than the average home in the same local authority, with the most expensive cities being Aberdeen and Edinburgh. Areas of Glasgow close to the city’s top schools were less expensive than this, with top performing Jordanhill School coming with a house price premium of only £3,521 or 2%.
Catchment areas and investing in property long term
It remains that most parents are willing to do anything they can to secure their child a place at a top-performing school. The shortage of places at many of them means home buyers with families are willing to pay huge premiums to secure a home in the right school catchment areas. These properties can be a safe investment, often holding their value in a challenging market and tend to sell faster if the market stalls, simply because there will always be parents willing to pay the premium for their children. These properties can come with an attractive lifestyle too, located in thriving communities that make them popular with all types of buyers.
It is worth bearing in mind, however, that school ratings can change, with ratings being downgraded at future inspections or due to a change in head teacher– so paying over the odds and out with your means will always be risky. In addition, catchment areas have also been known to change and you may find your sure-fire investment loses value if your allocated school is a less popular choice. If any of these factors change, you may see the value of your home fall, or find it takes much longer to sell so it’s always good to remember all other factors, including how suitable the living space is for your family, transport links and other community amenities on offer, evaluating how these measure up too. Lifestyle and location should always be the biggest consideration factors when moving house.
Here to help
Finding a home that ticks all the necessary boxes – near the right school, in an accessible location, and close to transport links – might seem like a hard task and like a race to the prize, with specific areas being particularly competitive when it comes to school catchments. At Vanilla Square we know our local market inside out and we’re here to navigate the most competitive marketplaces on your behalf, helping you find the right home for your family. Contact us today on 0141 229 0210 for a chat with our friendly team.