The premium that is typically charged on properties located within good school catchment areas is falling according RICS.

When the RICS survey was last conducted, in August 2003, estate agents suggested buyers were willing to pay a 12% premium, the latest report however, claims that with the exception of London, this figure has fallen to 8%.

Jeremy Leaf of RICS says: “A secondary school with a good reputation can cause mayhem in a local property market. Buyers with children of school age will do and pay anything to get their children a place. However, our latest figures suggest some people are simply being priced out of the market in these key locations.

“It is quite normal for potential buyers to check the local Ofsted reports before they read the particulars for their preferred properties. The education effect on property prices can extend well beyond the school run boundaries.”