While there are many factors that impact on the price of property, schools and local transport options are major factors that make a difference in the local housing market.

When it comes to finding your ideal home, there are many factors to consider. Every buyer will have their own criteria and depending on your stage in life, your personal circumstances and what you hope to achieve with the home, your needs may differ greatly from other buyers.

However, property buyers know that location is vital and that elements like schools and transport are key factors to consider. If you have children of school age, the catchment area is likely to be a huge factor in where you decide to buy property. In fact, being able to place your child or children into a suitable school may be the most important reason, or even the sole reason, for moving home or buying property.

Parents want to give their child every chance of success

There is no denying that parents are keen to give their child the best chance of success. The standard of education a child receives is often a critical factor in their development, and this is why homes in an area allocated to a good school are in significant demand. Even couples and households who don’t have children or children of school age will often cite schooling as a factor in their buying decision, such is the importance of this factor.

A study was undertaken by the Department for Education, the DfE, in 2016 stated that the proximity of a good primary school can add £18,600 to the average house price in England. The same study suggested that property prices were 8% higher for homes close to the best-rated schools and for secondary schools, homes close to the best-rated options where 6.8%.

Therefore, buyers who want their child or children to gain access to the best schools should be aware that there is a premium on homes in this area. Many households will consider this to be an additional cost that is worth paying, but it is important that each buyer calculates the sums and feels confident with the cost of buying property.

The long-term benefits of placing a child into a great school can more than justify the additional cost, but it will depend on a buyer’s budget. Vendors should also be aware of the impact that well-regarded schools have on property values. A family or household that no longer requires access to the school for their children may find that they can sell their home and find better value by moving to an area with less attractive local education options.

Transport significantly impacts on people’s daily lives

The standard and availability of transport is also an option that buyers must consider. This can be seen in the cost of property in commuter areas compared to local areas that are not as well connected to train stations or main roads. It is also possible to look at the impact that the Crossrail developments have had in London to see the positive impact improvements in local transport options have on property values and prices.

It is understandable why this is the case. While there will be people who value peace and quiet and being disconnected, most people have to travel and commute for work. Therefore, there is a demand for property located close to dependable transport options, and this pushes up the value of the property. It is therefore important for buyers to be sure about their budget and then determine what sort of house and travel options they can afford.

Equally, vendors should be aware that this issue impacts on buyers and they should price their home accordingly when selling it.

At Ariston Property, we know the many reasons and factors that influence property prices. We aim to provide you with as much guidance and support as we can in this matter, so please get in touch when you plan on making a move.