Rent prices vs Key Stage 2 success
In London renting may have once seemed like the preserve of the young and unattached, writes Emma Worthington of rentonomy.com, but with the 2011 census results showing a steep rise in the number of families renting, access to education is increasingly affecting the rental market.
With most young families looking to get their children into a state primary school, catchment areas will have a huge bearing on where they choose to rent and how much they have to pay.
A report by the homeless charity Shelter has shown that the number of families with children renting in London stands at 25% rising to 33% by 2025. This is adding considerably to the competition for rental properties close to the best school.
We wanted to explore the impact this has on rental prices so we have compared the rent of an average two bed property in zone 3 against the average Key Stage 2 (KS2) score of the closest state primary school.
The results show a strong correlation – renting near the best performing schools will cost you on average 30% more than renting near lower performing schools.
Digging deeper, although rents do rise in-line with the average total KS2 score what really stands out is the considerable premium for rental properties close to the top performing schools, with rents £50 higher per week on average than even the next best (yet still very good) schools.
We will come back to the debate on the cause and effect of this…but what we can say is that if you want to rent nearest to the best schools you’ll need to be prepared for a hefty price tag.
How did we do this?
- We looked at primary schools in tube zone 3, because there are a high number of both schools and renters in there
- We removed religious schools
- We only considered community schools
- We captured the rental values of two-bedroom properties for which that school was the closest primary school (that was non-religious and a community school).
- We then compared the 2011 Key Stage 2 score (average total points) with the average rents surrounding that score
This is a guest post by Emma Worthington for rentonomy.comkey stage 2, primary schools, renting
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