Homes close to some of London’s best-known private schools can cost up to 77% more than elsewhere in the same local authority, new research shows.
The biggest gap was found in W1, home to Queen’s College, London, where properties were valued at £1.92m. That was 77% higher than the figure for Westminster.
Estate and lettings agent Benham and Reeves completed the research, which compared house prices in postcode districts containing 50 of London’s highest-ranking private schools with those in the wider local authorities.
It found that homes in the areas studied cost £712,486 on average, compared with £553,870 in the relevant councils.
SW1, home to Westminster School and Francis Holland School, Sloane Square, recorded the second-largest difference. The typical price of a house was £1.49m – 54.5% more than in Westminster.
Homes in SW13, where St Paul’s School and Harrodian are based, cost £1.32m, a premium of 46.7% compared with Richmond upon Thames.
Marc von Grundherr, director of Benham and Reeves, said families relocating to London from overseas could contribute to demand in neighbourhoods near prominent private schools.
‘London’s leading private schools have an international reputation and attract families from across the world, many of whom will relocate specifically to secure the education they want for their children,’ Grundherr said.
‘Unlike the state school market, this isn’t necessarily about being inside a particular catchment area. It’s about convenience, lifestyle and being close enough to make the school run practical, particularly for families arriving in London from overseas who may be unfamiliar with the capital.
‘We also see a considerable rental market associated with this demand. Many international families will initially rent close to their chosen school while they settle into London and get a feel for the neighbourhood before committing to a purchase.’
‘For these buyers, renting first provides an opportunity to understand everything from the school run and transport links to the restaurants, parks and wider lifestyle a particular area offers,’ he added. ‘Once they are established and confident in their chosen location, many then move into the sales market, helping to support demand across both tenures.’
Image: Ollie Walls/UnSplash
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