London houses cost more in areas with higher proportions of Outstanding schools, new research has found.
Housing developer Barratt London compared the average house price in the capital’s boroughs with the percentage of their schools that have the inspectorate’s top grade.
It found that for every 10 per cent increase in the number of Outstanding schools, property prices rose by an average of £87,000.
In the three boroughs where 10-19 per cent of schools have the top grade, the average property costs £330,758.
In the 10 boroughs where 20-29 per cent of schools are Outstanding, the average property price is £466,934 – an increase of £136,176.
The average price rises by £50,186 and £75,020 for each of the next two bands of top-graded Ofsted schools.
Kensington and Chelsea has the highest proportion of Outstanding schools – 61.5 per cent – and an average property price of £1,326,653.
But when the researchers considered Ofsted ratings, the likelihood of getting your first choice of school place and house prices, they concluded that Harrow, in north-west London, was the best value borough.
The average house price in the area is £468,464, 47.5 per cent of its schools are rated Outstanding, and 85.5 per cent of people get a place at their first preference primary school, and 69 per cent at their first preference secondary school.