Hackney, Tower Hamlets Lewisham and Croydon are some of the best places to live in London and also some of the most popular, but this popularity comes at an extra cost according to estate agent Portico.
The four boroughs hold some of the highest recorded outstanding schools in the capital which therefore increases the value of a property nearby.
The estate agency has analysed Ofsted data to put a price on education.
Fiona Veitch, Marketing Director of Portico, told East London Lines: “Each year, parents across the nation fight to get their children into the right school, and we see many families moving purely to be in the catchment area of a specific school, and even renting in a desired catchment area just to help their case.
“According to our research, the average London house price near an ‘outstanding’ state primary school is £693,849. This is a whopping £75,262 more than the average London house price, which stands at £618,587.”
Portico’s research shows that the price you pay to live near one of these outstanding schools can vary widely across Hackney, Tower Hamlets, Lewisham and Croydon. Buying a house in London isn’t easy but the property prices aren’t all that surprising.
Schools with the highest Ofsted rating will undoubtedly come at an extra price, even as much as £150,000.
Each borough will also play a big factor in the property price. The average property price to stay in the catchment of an outstanding school can range from £468,428 in Croydon to £634,465 in Hackney.
Hackney has the highest average living cost as it has the highest amount of outstanding schools of the four boroughs, with a total of 17. Croydon ranked the lowest with only seven outstanding schools which explains the lowest average cost price.
Lewisham ranked second with 16, and an average property cost of £553,360.
Tower Hamlets ranked third with 13 outstanding schools and an average property cost of £474,745.
Croydon
| PROVIDER NAME | ADDRESS | AVERAGE PROPERTY PRICE |
| Park Hill Infant School | Stanhope Rd, Croydon CR0 5NS | £370,680 |
| St Joseph’s RC Junior School | Woodend, London SE19 3NU | £420,305 |
| Rockmount Primary School | Chevening Rd, London SE19 3ST | £421,857 |
| St John’s C of E Primary School | Spring Park Rd, Croydon CR0 5EL | £429,819 |
| Beaumont Primary School | Old Lodge Lane, Purley CR8 4DN | £497,156 |
| Coulsdon C of E Primary School | 93 Grange Rd, Bermondsey SE1 3BW | £515,234 |
| Woodcote Primary School | Dunsfold Rise, Coulsdon CR5 2ED | £623,945 |
Tower Hamlets
| PROVIDER NAME | ADDRESS | AVERAGE PROPERTY PRICE |
| Bonner Primary School | Stainsbury Street, Bethnal Green E2 | £312,825 |
| Old Palace Primary School | St Leonard’s St, Bromley By Bow E3 | £335,190 |
| Bigland Green Primary School | Bigland St, Shadwell E1 | £371,164 |
| Globe Primary School | Gawber St, Bethnal Green, E2 | £381,796 |
| Mayflower Primary School | Upper North St, Poplar E14 | £400,609 |
| Blue Gate Fields Junior School | King David, London E1 | £436,609 |
| Mowlem Primary School | Bishops Way, London E2 | £438,204 |
| St Agnes RC Primary School | Rainhill Way, Bromley E3 | £438,870 |
| Smithy Street Primary School | Smithy St, Stepney Green, E1 | £448,703 |
| Thomas Buxton Primary School | Buxton St, Whitechapel, E1 | £478,934 |
| Cyril Jackson Primary School | Limehouse Causeway, Poplar E14 | £618,880 |
| Virginia Primary School | Virginia Rd, Shoreditch E2 | £648,392 |
| St Paul’s Whitechapel C of E Primary School | Wellclose Square, London E1 | £861,933 |
Lewisham
| PROVIDER NAME | ADDRESS | AVERAGE PROPERTY PRICE |
| Downderry Primary School | Downderry Rd, Bromley BR1 | £332,795 |
| St John Baptist Southern C of E Primary School | Beachborough Rd, Bromley BR1 | £381,000 |
| Paden Primary School | 392 Lewisham High St, London SE13 | £398,203 |
| Brindishe Green School | Beacon Rd, Hither Green SE13 | £413,254 |
| Holy Cross Catholic Primary School | Culverley Road, Catford SE6 2LD | £429,347 |
| Eliot Bank Primary School | Thorpewood Ave, Sydenham, SE26 | £435,462 |
| Torridon Primary School | Hazelbank Rd, London SE6 | £506,224 |
| Kilmorie Primary School | Kilmorie Rd, Forest Hill SE23 | £508,647 |
| John Stainer Community Primary School | St Asaph Rd, Brockley SE4 | £516,861 |
| Gordonbrock Primary School | Amyruth Rd, London SE4 | £561,681 |
| Brindishe Manor School | Leahurst Rd, London SE13 | £570,980 |
| Brindishe Lee School | Wantage Rd, Lee SE12 | £579,234 |
| St Margaret’s Lee C of E Primary School | Lee Church St, Blackheath SE13 | £589,701 |
| Stillness Infant School | Brockley Rise, London SE23 | £614,353 |
| John Ball Primary School | 20 Southvale Rd, Blackheath SE3 | £723,269 |
| All Saints’ C of E Primary School | 2 Blackheath Vale, Blackheath SE3 | £1,292,750 |
Hackney
| PROVIDER NAME | ADDRESS | AVERAGE PROPERTY PRICE |
| St John the Baptist Voluntary Aided C of E Primary School | Crondall St, London N1 | £438,774 |
| Holmleigh Primary School | Dunsmure Rd, London N16 | £456,154 |
| Momingside Primary School | Chatham Pl, London E9 | £504,452 |
| St John and St James C of E Primary School | Isabella Rd, London E9 | £522,358 |
| Grazebrook Primary School | Lordship Rd, Stoke Newington N16 | £536,750 |
| Kingsmead Primary School | Kingsmead Way, Homerton E9 | £544,683 |
| Holy Trinity C of E Primary School | Beechwood Rd, Dalston E8 | £551,787 |
| Woodberry Down Community Primary School | Woodberry Grove, Harringay N4 | £593,292 |
| Shoreditch Park Primary School | 113 Bridport Pl, London N1 | £599,929 |
| William Pattern Primary School | Stoke Newington Church St, Stoke Newington N16 | £663,532 |
| Springfield Community Primary School | Castlewood Rd, London N16 | £716,731 |
| Our Lady and St Joseph Catholic Primary School | Buckingham Rd, London N1 | £718,070 |
| Queensbridge Primary School | Buckingham Rd, Dalston N1 | £746,507 |
| Orchard Primary School | Holcroft Rd, South Hackney, E9 | £749,706 |
| St. Paul’s With St. Michael’s C of E Primary School | 57a Brougham Rd, London E8 | £749,923 |
| Jubilee Primary School | Filey Ave, Cazenove N16 | £774,420 |
| London Fields Primary School | Westgate St, London E8 | £927,573 |
Despite the fact that Hackney has the highest amount of outstanding schools, Lewisham has the single highest average property value for one school, All Saints’ Church of England Primary School at an average property cost of £1,292,750. That’s over £350,000 more expensive than Hackney’s highest singular property cost at £927,573 for London Fields Primary School.
Statistics to date show that for the boroughs of Hackney, Lewisham and Croydon you can be paying anything between £67,591-£113,772 extra housing price just to live in the catchment of an Ofsted ‘outstanding’ school.
However, according to Zoopla, the average property price to live in Tower Hamlets is £549,800. The average price that Portico has reported to live in the catchment of an outstanding school in this borough is £474,745. This in fact results in a total saving of £75,055 to live near one of its 13 outstanding schools.
There is a definite link between top schools and higher housed price. Nevertheless, on average, parents will pay an average of £75,000 extra expensive just to live within the catchment of an outstanding school.
Veitch added: “This may sound shocking, but the connection between house prices and top-rated schools is long-standing and many parents do consider paying a ‘school premium.'”
Living near a state-funded primary school with an Ofsted ‘needs improvement’ rating will cost less. The average property price near a ‘needs improvement’ school will cost £530,638, which is over 22%, or over £150,000 less than an ‘outstanding’ school area.
