Parents are willing to pay up to £8,670 extra for a home, to ensure it’s in the catchment area of their preferred primary school, new figures suggest.
The costs, which have been researched by Nationwide building society, show that living near a top primary school (one that achieves SATS results which are 10% better than its neighbouring schools) can increase the value of a house by up to 4.6%.
With the SATS results for 10- and 11-year-olds being released tomorrow and expected to show a further decline in the national standards for English and Maths, the pressure on parents to find the best school possible for their children is sending house prices through the roof.
However, education secretary Michael Gove has admitted that flaws still exist in the education system and, with a growing amount of hostility towards the exams, there may be an overhaul in the future. “I accept there are flaws in the current testing system so I am committed to reviewing national curriculum tests to ensure they are as rigorous as possible and in the best interests of schools, children, parents and the public.”
How much extra would you pay for a house if it meant your child got into a ‘better’ school?