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There are a number of factors that can influence the value of properties of a similar size including location, extra bathrooms or loft conversions and proximity to local amenities. Schools can have a significant impact on property prices and it is estimated that around 3,500 parents lie on their applications every year in order to send their child to the desired school. Usually when an individual or couple reach a stage in their life when they are looking to buy their first home or perhaps move to a larger home they also hope to have a family in the not too distant future. It is likely that schools will play an important deciding factor on which property they choose, especially if they already have a young child. How much will buyers be prepared to pay in order to fall into the desired catchment area of a good school? Studies have found that homes located near to top performing primary schools have a value up to £19,500 greater than identical properties elsewhere. The study compared the SATS results of various schools and discovered that schools where 70% of the pupils achieved a grade four or higher at Key Stage 2 level also had significantly higher house prices in the surrounding area. It was also found that areas with schools that achieved SATS grades with a 10% improvement resulted in a 3.3% rise in property value, which equated to around £5,860. When looking at the influence of schools on a regional level, Yorkshire and Humberside came out top with a 4.6% (£6,124) premium on properties near to high achieving schools. This was followed closely in the north of England where the figure was 4.5% (£5,190). The area that was affected least by proximity to a good school was the South West where a 2.6% (£4,557) rise was seen. The influence of nearby schools on property prices is not as strong as home improvements. The same study also estimated that a loft conversion could add up to a fifth in value to the home while an additional bedroom has the potential to add up to 11.4% to the overall cost. However, home improvements can be costly and given that location to a high achieving school does not require an additional outlay of costs it plays a significant role when it comes to valuing a property. This is a trend that can be seen across the globe as many regions in America and other European countries also experience a notable rise in property prices where a good school can be found. If you have a particular catchment area in mind for a school you will find new property for saleonline and in your local papers. Many new home builders will have properties in a wide range of areas for you to choose from.
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