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Homes near top state schools ‘45% more expensive’

  • 21/09/2017
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Homes near top state schools ‘45% more expensive’
Homes near England’s top state schools have an average house price of £415,844, 45% higher than the English average, according to research by Lloyds Bank.

In the past five years the average price in areas with a top performing state school has grown by £116,696 (or 39%). England as a whole saw a rise of £51,264 (22%).

Parents looking to buy a home close to one of the country’s top 30 performing state schools face paying an average house price £128,615 higher than in England as a whole (£287,229). Average property prices in the postal districts of the top 30 outstrip prices elsewhere in those counties by an average 12%.

Homes near Beaconsfield High School in Buckinghamshire pay the biggest premium of £643,181 (158%) compared to the average house price in neighbouring areas.

Homes close to the Henrietta Barnett School in Barnet command the second highest premium of £367,632 (59%). These schools are followed by Dr Challoner’s Grammar School in Buckinghamshire with a premium of £246,598 and the Tiffin Girls’ School and Tiffin School in Kingston upon Thames (both £167,628).

Despite this, almost half of the top 30 state schools are in locations where the average property price is below the average for the area.

With an average price of £288,430, properties close to the Reading School and Kendrick School, both in Reading, are £132,718 (-32%) below the county average, which is the biggest discount for a house near a top performing state school within the survey.

These are followed by Aylesbury High School in Buckinghamshire with a discount of £112,674 and King Edward VI Handsworth School in Birmingham (-£82,640).

Properties in the postal district of the King Edward VI Handsworth School in Birmingham were the least expensive in the survey at £113,675.

Andrew Mason, Lloyds Bank mortgage products director, said: “All parents want to ensure their children get a good education, so it’s not surprising that homes in areas close to the top performing schools typically command a significant premium over the surrounding area and high demand has led to prices being out of reach for many buyers.

“If being near a top performing school is a priority however, you don’t necessarily need to pay extra to do so with almost half of the top 30 schools being in locations that cost less than the average of that area.”

High property values price out many parents on average earnings, added Lloyds. The average house price of £415,844 in the postal districts of the 30 best performing state schools is almost eleven (10.7) times average gross annual earnings (£38,730). This is significantly higher than the average across England of 8.1.

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