London’s top school areas see 70% property price surges amid VAT hikes
Private school fees have surged by up to 20% due to Labour's VAT increase, while homes near top-performing schools command significant price premiums. The most affluent areas, particularly in London and the South East, see the highest premiums.
In the top 10% of areas for schools, homes fetch a 28% premium. Parents seeking top schools must pay a 28% premium. In the top 20-30% of constituencies, the price tag reaches £423,640, a 15% regional hike.
Yorkshire and the Humber's top school area, Sheffield Hallam, sees a 71% price premium. London and the South East lead with the highest premiums, up to 70%. Kensington, London, tops the list at over £2 million. Buying in the top 10-20% of school constituencies costs £484,811, a 13% increase. Altrincham and Sale West, Greater Manchester, sees the highest increase, 121%. Richmond Park, London, leads with an average property price of £1,016,000. In London and the South East, 70% of top 20% school constituencies have higher prices.
The demand for homes near top schools drives up prices significantly, with London and the South East commanding the highest premiums. The increase in private school fees adds further pressure on parents' budgets, highlighting the growing affordability gap in the UK's education and housing markets.
