New figures indicate that properties in good school catchment areas are likely to command a price premium of up to 4.6 per-cent; good news for anyone considering or recently purchasing a property for rent in the Sheffield area. Rick Flay from Belvoir Sheffield, the leading letting agent in Sheffield , has studied these statistics and advises that in some areas, it may be worth paying as much as £5860 more for a property in close proximity to a desirable primary or secondary school.
The figures launched by Nationwide found that property prices in the UK were ‘between 2.6 percent and 4.6 per-cent higher if they are close to such a school, meaning that parents are paying up to £8,000 more to secure a home in the right catchment area in some regions of the country.’
The building society focused their research on schools with 10 percent more 11-year-olds achieving a level four or above in their key stage 2 Standard Assessment Tests than surrounding schools with surprising results.
Rick Flay, from Belvoir Sheffield, which offers houses to let in Sheffield and flats in Sheffield said, “The report found that these type of grades would warrant a homeowner paying up to £5,860 extra on a property in the catchment area than would otherwise be the case. These figures are quite surprising given the current financial crisis, but it seems that parents are still willing to pay hefty premiums for properties close to excellent schools.
“Of course, there are huge benefits that can be reaped by landlords with properties situated within a reasonable distance of good schools. One of the inevitable bonuses is a higher than average monthly rental price. It is always worth considering nearby schools and studying exam results before deciding on the offer price when purchasing a property to rent in Sheffield.”
Compared to the results recorded in the 2004 study, the premium landlords and homeowners were prepared to pay to live near a good school has shown a marked increase, up from 2.5 percent to 2.6-4.6 percent.
Belvoir Lettings Sheffield is the one stop specialist for lettings including Property Management in Sheffield, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances.
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