It is well known that being near a brilliant school can increase the worth of home by 8-10%, depending on the location and school.
And, if you’re a family with kids, being near their school can be a key factor in where you choose to live.
Not only does Sheffield have excellent schools and university life, but it also has the perfect combination of between being close to nature and close to city amenities. Green spaces, recreation, and city life convenience.
What are the advantages of living near a good school
There are quite many advantages of buying a property near a school:
- Walk your children to school
- Access to a playground
- Safer neighbourhood
- Higher resale value – good schools equal higher house prices
Living near a school means you can skip the driving part and simply walk your young kids to school and back. This time with your children also adds to the bond you have, and taking the time to be with them in a connected way.
As a family, you can also form relationships and friendships with other young families in the neighbourhood who likely attend the same school. And, of course, feeling a part of the community.
Higher resale value: homebuyers specifically looking to purchase homes near their preferred school would be the first ones to buy your property. Homes in top-rated school zones have a higher demand and can fetch higher prices.
And what about the disadvantages of living near a school?
For those who live near a school, and especially for people who don’t have school-going children, then some of the disadvantages can become an irritation.
Two of the greatest disadvantages are the increase in traffic clogging the streets around the school, and the increase in noise levels. More kids playing, and sports and school events. And higher levels of traffic include school buses and parents parking where they can.
What is a good solution?
To benefit from both worlds, a great idea is to buy a property a few short blocks from school. So you can enjoy all the advantages without having to be affected by traffic and noise.
This also broadens the appeal of potential new homebuyers who may not need the close proximity of a school.
Homes are worth more near good schools
Government research on state schools shows that homes near the 10% best-performing secondary schools sell for 10% more than homes in the surrounding area. And primary schools are an even better draw.
However, the increase in house prices is not equal across the country. The south benefits more from increased house values.
Is a good school the only reason for a higher house price in an area?
Not necessarily on its own. This could be due to good schools generally being located in more affluent or better established areas, with great access to open spaces, parks, and recreation facilities and activities. Homes themselves are also likely to be bigger properties with more of their own garden space.
Sheffield school catchment zones
Sheffield is a diverse city with everyone from retirees to young professionals and, most of all, families. To this end, Sheffield also has a number of very popular schools. And it is also a university city.
Over the past year, the average price of a property in Sheffield has risen from £189,338 to £202,639 according to the UK House Price Index – a 6.6 per cent increase year on year. This is across the area, and not specific to school catchment zones only.
Sheffield as the second largest city in the Yorkshire and Humber region has become a property hotspot in recent years having seen substantial investment and redevelopment.
But experts say the effects of inflation, potential interest rate rises by the Bank of England and the continued cost of living crisis will eventually curtail the market.
Investing in the future
Many parents take a long-term view and consider paying a ‘school premium’ as a good investment, not just for their children’s education but also from a financial point of view for the future.
Properties near good schools often hold their value in a challenging market and tend to sell faster if the market stalls, simply because there will always be parents willing to pay the premium for their children.
These properties can come with an attractive lifestyle too, located in thriving communities that make them popular with all buyers.
Lifestyle is, and always will be, the biggest consideration factor when moving house.
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