When comparing property prices in different catchment areas, it is already clear that they have risen fastest in areas with highly rated schools.
The value of properties near schools rated as “outstanding” has grown by 67pc since 2008, while those rated as “good” rose by 61pc.
By contrast, property values in catchment areas for schools branded “unsatisfactory” or “inadequate” have grown by 59pc and 57pc respectively.
Similarly, the value of properties near top schools has also held up better in the face of rising interest rates, Hamptons found.
Looking at figures for 2022 and 2023, the value of properties near “outstanding” institutions fell by just 1.5pc over the period, compared to a 5.5pc drop for homes near those branded “inadequate”.
Sir Keir Starmer has pledged to roll out a tax raid on private schools “straight away” if his party wins the general election.
This policy will see VAT charged on almost all private school fees, which will rise incrementally over five years before hitting the full 20pc standard rate.
Independent schools are also expected to lose business rates relief.
However, Ms Beveridge said high interest rates could dampen levels of house price growth in attractive catchment areas.
She said: “These areas tend to already be quite expensive. With mortgage rates where they are, it’s particularly costly for households to upsize. This will keep a bit of a cap on price growth.”
Ms Beveridge added: “Some families might find themselves having to weigh up the additional private school fees against potentially having to pay to move and downsize.”
Wealth advisers have said they are already seeing some families start to move in anticipation of the policy, either to lower their outgoings so they could still afford the fees or to be near good state schools.
The Bank of England is expected to start cutting interest rates from a 16-year high of 5.25pc in the coming months, which analysts hope will revive the property market.
Hamptons noted that competition for homes near ‘“outstanding” rated state schools has increased since the VAT proposal was first announced by Labour in 2021.
Currently, around 7pc of pupils are educated at private schools in the UK.
