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Would-be homeowners are choosing to pay a premium on houses that are located in particular school catchment areas.

And Selwyn Lim, director at Mouseprice, claims that many parents make this decision on the basis of a long-term calculation.

He said that the extra price on a property "doesn't actually sound like that much if that is to be spread across the entire schooling age of a child".

Mr Lim added: "It just goes to show the value that some parents do put on education."

The remarks would appear to suggest that when buying a house, purchasers are interested in its value over the long-term.

Recently, Nationwide reported that parents typically pay an additional 4.6 per cent in order to secure a home in an area where they want their child to be educated.

Although property prices have risen by two per cent in the last year - as summarised by Hometrack - July saw the first fall in 15 months, with values dropping by 0.1 per cent.

Posted by Mark Cunningham
 

03/08/2010 17:48