As the private rental sector continues to grow, the types of people interested in these properties widen. Normally, students and young professionals are the likely tenants landlords expect to receive. Young families from time to time would also enter the rental market for brief periods of time, as they save up to purchase their first home. Over the last few years the government have been working to increase the number of first time buyers but the situation still remains difficult. As a result of this, more young families are finding themselves living in rented homes for an extended number of years as they save thousands of pounds for a mortgage deposit.
Many landlords consider families an ideal tenant as they tend to take better care of the property and there is little need to fully furnish the home as they usually have their own furniture, waiting for the day it can be moved into their own house.
The Importance of Local Schools
When a young family looks for a property to live in, one of the most important factors they take into consideration is the location and proximity to a good primary school for their children to attend. As a result of this, it was discovered that the prices of homes near the country’s best schools are around 42% higher than others in the same local area. A child’s education is very important to their parents and many are willing to do whatever it takes to ensure their child has access to the best.
With this is mind, parents are prepared to pay a premium price on the right property, so landlords have an opportunity to benefit from this by introducing these sought after homes into their portfolio. It is important however; that they protect themselves with landlord insurance as some parents may underestimate the monthly expense of premium priced properties, in the long-term.
What Areas Have the Best Schools?
It was found that some of the biggest percentage rises in properties near good primary schools, occurred in the East Midlands and Derbyshire. Looking a bit more in-depth at Local Authorities, a league table was made and the following 10 authorities ranked the highest for having the largest percentage of Year 6 pupils achieving the national target grade in English and Maths:
1. Richmond upon Thames
2. Trafford
3. Kingston upon Thames
4. Sutton
5. Kensington and Chelsea
6. Cheshire East
7. Rutland
8. St. Helens
9. Buckinghamshire
10. Barnet
The following ranked the lowest:
1. Central Bedfordshire
2. Middlesbrough
3. Kingston upon Hull, City of
4. Wakefield
5. Medway