Losing out on rent is a big issue for many landlords. It could be that one tenancy has come to an end and there is a gap before a new one starts. Or they may struggle to find tenants at all. The longer a property is vacant, the bigger the losses. Luckily, we can provide first rate services to help. We are one of the top names for guaranteed rent Westminster can offer.

The value of living near private schools

A number of different factors can add a huge amount of value to homes. For example, it could be a location close to a park or transport links. In London, being near the top private schools can add huge premiums to some homes.

New data from Benham and Reeves takes a closer look at this. Their figures found that the average premium on homes near private schools is 29%. At the time the average price for a home in London was £519,932. However, a home close to private schools would cost £671,613.

The biggest premiums

While a 29% premium seems impressive, there are some areas where you would need to pay a lot more to buy a home near a top private school. The biggest one is Queen’s College, London in Westminster. This is one of the most prestigious schools in the UK and has an incredible history. However, if you want to buy a property in W1, the average price is over £2.1m. This is over £1.1m higher than the local authority average, meaning it is a 121% premium.

Interestingly the next two spots are both taken by schools in HA6 in Hillingdon. St Helen’s School and Northwood College for Girls both have premiums of 60%. The average price to buy a home in the area is £709,881, compared to £444,303 in the local authority.

We head back to Westminster for the next two spots. Once again they are in the same postcode, SW1. Westminster School and Francis Holland School both have a premium of 53%. It would cost over £1.4m to buy locally, over half a million more than the average in the local authority.

A lot of other areas feature on the list of locations where there will be a premium. This includes Ealing, Kensington and Chelsea, Wandsworth, Merton, and Camden.

There isn’t always a premium

However, there are some cases when it doesn’t cost more to live near a private school. There are some where the local areas around the schools are actually cheaper than the neighbouring areas. There could be several reasons for this, including lack of amenities, noise, or not having sufficient amounts of the right type of housing.

The headline grabber here is TW12 in Richmond upon Thames. According to the data, buying near Hampton School or Lady Eleanor Holles would cost an average of £585,443. The average in the local authority is £758,967, meaning it is 23% cheaper.

There are also savings to be made in Croydon (CR0 and CR9), Lambeth (SW16), Bromley (SE9) Lewisham (SE6), and more.

Speak to us about guaranteed rent in Westminster

Landlords with properties in areas with top private schools will probably think they will have no trouble finding tenants. However, nothing is ever a certainty. With that in mind it is always a good idea to look at assurances like rental guaranteed. As the top provider in London, we can arrange these for you.

So, if you want to try guaranteed rent, Westminster has nobody better to work with. You can get in touch to tell us more about your properties and to choose the right service.