Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
Parents Pay Premium to Live in Best Catchment Areas
New research from Bank of Scotland has revealed that Scottish parents are prepared to pay a premium of as much as £80,000 on average to live in the catchment area of a top performing state school.
In three of Scotland’s local authorities, the premium to access a top performing school is more than £100,000, when compared to their surrounding areas.
Parents in Edinburgh are paying the most, with the catchment for St Thomas of Aquin's High School attracting a premium of £145,022, against the local authority average of £232,357. House prices near Boroughmuir High School, which comes fourth in the Top 20 state schools overall, are now on average £354,378, a premium of 53%.
House buyers in East Dunbartonshire will pay a premium of £107,759 to live near its top performing schools, while in Aberdeen City that figure is £103,283.
Despite the additional cost, living near a top performing state school also appears to be a shrewd investment based on house price performances in these areas over the last five years.
Parents who bought a home near one of the Top 20 schools in 2011 have seen an average house price rise of £32,817, from £216,818 to £249,635 in 2016 – an increase of 15%. This is a significantly faster rise, in cash terms, than in Scotland as a whole, where the average house price has grown over the same period from £141,905 to £169,552 – an increase of £27,647.
For expert legal advice on buying or selling property in Scotland, then contact our specialist property lawyers today.
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