Properties located within the vicinity of high quality schools are attracting asking prices up to three times higher than their neighbouring counterparts, new research from property consultants Savills has revealed, indicating that some homes are in fact, recession proof.
London, UK (PRWEB) November 8, 2009 -- Properties located within the vicinity of high quality schools are attracting asking prices up to three times higher than their neighbouring counterparts, new research from property consultants Savills has revealed, indicating that some homes are in fact, recession proof.
Due to the demand for good schools, homes which fall into the right catchment areas come with significantly higher than average asking prices.
Indeed, homes within the vicinity of the top 25 per cent of secondary schools can fetch up to 16 per cent more than properties outside the schools catchment area - up from 13 per cent in 2007. Furthermore, homes in areas with an amalgamation of good state and independent schools can be worth up to three times the county average.
Consequently, homes located in the catchment area of well performing schools have suffered far less during the economic downturn.
Ottokar Rosenberger, Sales and Marketing Director of Ratedpeople.com, commented: "Estate agents have been telling us for a long time that house prices are higher if there is a good local school and, this new research just goes to prove how right they were. However, on the other hand, the research also revealed that property prices around schools in the bottom quarter of the performance tables can be worth less than average - up to 10 per cent less."
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