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Schools In For Property Hunters
SCHOOL’S IN FOR PROPERTY HUNTERS
CLAMOUR FOR GRAMMARS SEES HOMEBUYER COMPETITION HEAT UP
Parents on the look out for a new home are being driven increasingly by the performance of local state schools, reports email4property.co.uk, as many wealthier families start to look away from private education in the current financial climate.
Recent research has revealed a scramble for places at the country’s top grammar schools*, and local estate agents have recorded an increased level of interest from home searchers looking to buy or rent in these highly desirable locations.
Towns that are home to the country’s elite grammar schools are used to seeing an influx of families prior to enrolment time, with parents keen to secure a base for their children’s education. However, competition for homes in the key catchment areas is set to increase even further as many now look to grammar schools as a favourable option.
Hamilton Chase Estate Agents in Barnet, the location for two of the country’s top ten grammar schools, reported an increased level of enquires from families in February, as parents look to find a home in time for the next academic year.
Julie Osborn of Hamilton Chase, comments: “The quality of the local grammar schools has always been a major factor in bringing home buyers to the area. The number of families looking to buy around Barnet town centre remains high, but availability in areas most popular for the local grammars is very restricted.
“Families tend to remain in their property throughout their children’s education at least, and turnover of these homes is fairly low. Of course, current market conditions have worked to slow sales in some cases, meaning there are still opportunities to buy. However, the closer we get to the start of the school year, the fiercer the competition will be for these homes.”
Steven Lees, Head of Marketing at email4property.co.uk, comments: “The quality of local schools has always been high on the agenda for families when choosing to move home. However, in these times of restricted finance, the specific requirements for children’s schooling has shifted for many, with a lot of the UK’s wealthier families now turning away from private education and looking to enter their children for a place in the desired grammar school.
“As well as leading to a huge amount of competition for limited school places, this shifting dynamic has also seen a renewed competitiveness in many local property markets, as families clamour to secure a home within easy reach of the country’s top grammar schools.”
The Barnet property market has benefitted strongly from the quality of schools in the local proximity, both in terms of a robust level of sales, and in supporting local house prices, which have fallen significantly less than average in the current downturn.
Figures from the Land Registry show the average price of a home in Barnet stood at £322,477 at the end of 2008, compared to the national average of £158,946 – and down just 8% annually.
*Top Ten Grammar Schools 1) Colchester Royal Grammar School, Essex 2) Queen Elizabeth’s School, Barnet, London 3) King Edward VI Grammar School, Chelmsford, Essex 4) Colchester County High School for Girls, Essex 5) The Henrietta Barnett School, London 6) Kendrick School, Reading, Berkshire 7) St Olave’s and St Saviour’s Grammar School, Orpington, London 8) Chelmsford County High School for Girls, Essex 9) The Tiffin Girl’s School, Kingston, Surrey 10) The Latymer School, Edmonton, London *Compiled by the Financial Times, based on performance in core A-Level subjects
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Article date: 2/23/2009 12:00:00 AM