Homes in areas containing London’s highest-ranking private schools cost an average 25% more than properties across their wider local authorities, according to research from Benham and Reeves.
The estate and lettings agency analysed house prices in the postcode districts containing London’s 50 highest-ranking private schools and compared them with averages across their respective boroughs.
It found the average property price across the school locations stands at £712,486, 25.1% above the wider local authority average of £553,870.
In some locations, however, the difference reaches more than 75%.
WESTMINSTER LEADS PREMIUMS
Queen’s College London tops the rankings, with homes across its W1 postcode averaging £1.92 million – 77% above the wider Westminster average of £854,198.
Westminster School and Francis Holland School, Sloane Square, follow. Properties within their SW1 postcode average £1.49 million, representing a 54.5% premium.
Homes in SW13, where St Paul’s School and Harrodian are located, average £1.32 million, 46.7% higher than the Richmond upon Thames average of £818,949.
Meanwhile, the SW7 postcode surrounding Queen’s Gate School has an average property price of £1.97 million – 44.9% above Kensington and Chelsea as a whole.
Highgate School and Channing School’s N6 postcode commands a 42.9% premium over Haringey, while prices around St Helen’s School and Northwood College for Girls in HA6 are 41.5% higher than the Hillingdon average.
INTERNATIONAL DEMAND
Marc von Grundherr (main picture), Director of Benham and Reeves, says the effect differs from the traditional state-school catchment premium because private-school families are not generally required to live within a defined admissions area.
He says: “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.
“That international demand can have a very real influence on the surrounding property market, particularly around the very best-known schools where families are often prepared to pay a significant premium for the right home in the right location.”
Von Grundherr adds that the trend also supports rental demand, with some international families initially renting close to their chosen school before deciding whether to purchase in the area.
