Top school puts 16% on a house

HOMEBUYERS are willing to pay up to 16% extra for a house in the catchment area of a good school, according to a countrywide survey.

It means parents who cannot afford or who are unwilling to pay for private schools still end up paying thousands to secure a decent education for their children.

The figures from the Royal Institute of Chartered Surveyors are the first attempt to examine the picture across England and Wales, rather than in a specific area.

Researchers asked 220 estate agents what premium homebuyers would pay to live in the catchment area of a good school.

Those in the West Midlands would pay the highest premiums, at 16%, while buyers in London would pay the lowest at 7%. The average nationwide was 12%.

'Good state schools are a deciding factor for many,' Jeremy Leaf, the institute's housing spokesman explained. If private schools are financially out of their reach, they are prepared to move and pay a premium.'

As the average house price in the capital is around £100,000 higher than in the West Midlands, the difference is not so large in cash terms.