This week's Property Talk looks at the price you'll pay to be near a top school, and the picturesque area which more second homes than any other part of the country.
The true cost of living near a top school
Are you one of the parents weighing up their options in light of Labour’s plans to scrap VAT relief on private school fees? If so, this nugget is for you. Yopa has crunched the numbers to reveal that you could fork out £116,000 more to live near a school that’s rated ‘Outstanding’ compared to one that’s considered ‘Inadequate’.
According to the estate agent, the average house price of property near an ‘Outstanding’ school is £359,000, in stark contrast to the typical £243,000 price tag of a home near a school rated ‘Inadequate’.
Homes near ‘Outstanding’ schools typically command a 2.8% house price premium compared to the wider area, while properties in the shadow of schools rated ‘Good’ are similar to the wider area. But homes in the same postcode as an ‘Inadequate’ school cost 10.4% less than the local authority area.
Britains’ top second home hotspot named — and it’s a place where you’ll rub shoulders with A-listers galore
With its golden sandy beaches, rugged landscapes, and picturesque fishing villages, Cornwall has cemented itself as a top holiday destination. After all, if it’s good enough (according to the Telegraph) for celebs Cate Blanchett, Chris Martin, Stanley Tucci, and Jason Statham and Rosie Huntington Whiteley, it’s good enough for us mere mortals, right?
So it’s little surprise, maybe, that when it comes to sheer numbers, Cornwall has been crowned the nation’s top second home hotspot. According to Benham and Reeves’ analysis of government data, there are 141,245 second homes across England and Wales. And 9,425 of them are in Cornwall, “by far the most of any local authority”.
But when it comes to the most valuable second home markets, that title goes to the swanky London neighbourhoods of Kensington & Chelsea and Westminster. The second home markets in these two boroughs are worth a cool £6bn and £4.103bn respectively. Still, Cornwall is snapping at their heels, with a second home market valued at £2.873bn.
This may not come as welcome news for some local homeowners. But Marc von Grundherr, director of Benham and Reeves, seems happy to tackle the issue head-on.
“The sheer size and value of the second home housing market is immense, to say the least, and you can certainly see why local residents in areas such as Cornwall are against so many homes being owned on a secondary basis and left vacant for much of the year,” says von Grundherr.
“However, it’s fair to say that this particular issue regarding the second homes market is one largely confined to holiday hotspots. In fact, the second homes market provides a great deal of positive investment into the property market elsewhere across the nation.”
House prices hit two-year high
The average property is now worth £292,505, the highest since August 2022, according to Halifax.
House prices rose by 0.3% in August, following a 0.9% increase in July. And they were up 4.3% year-on-year, the strongest rate since November 2022.
Amanda Bryden, Head of Mortgages, Halifax, said that buyers are “feeling more confident thanks to easing interest rates”.
But she added: “While this is welcome news for existing homeowners, affordability remains a significant challenge for many potential buyers still adjusting to higher mortgage costs.”
British homebuyers crave living near the pub, new research reveals
Latest data from Jackson-Stops' Property Pulse Survey shows that we want to live near pubs, doctors, and some good shops.
‘The local club is as important as the commute’: How the likes of Soho Farmhouse, Estelle Manor and The Newt are reshaping the country property market
Houses close to countryside members’ clubs are quickly snapped up, finds Madeleine Silver, particularly in the new ‘golden triangle’ between
Eastern promises: The best places to live east of London, from Diss and Dedham to Newmarket and Newport
Liz Rowlinson takes a tour of popular East Anglian towns and villages.
