Parents are willing to pay £53,000 more for a home near one of England’s best-performing schools
House prices in parts of England have been thrust upwards by well-performing schools, with parents willing to pay thousands – or even hundreds of thousands – of pounds more to be near them.
Lloyds Bank says that many parents are willing to pay an average of £53,000 more to be in the catchment areas of top state schools – a 31 per cent increase on last year – according to Sky News.
The average house near one of the best-performing 30 schools in England now costs £366,744, compared to a national average of £313,318.
The bank says six of the top 30 schools seem to have pushed prices at least £150,000 over the average price in their county. Unsurprisingly, the biggest premiums are being paid in the more affluent south of England.
Top of the table is Beaconsfield High School in Buckinghamshire, in whose catchment area homes sell for almost £630,000 – 171 per cent more than the county average of £367,191.
The Tiffin Girls’ School in Kingston upon Thames has added £192,011 to prices there, while Dr Challoner’s High School, also in Buckinghamshire, seems to have created a £168,308 premium.
Andrew Mason of Lloyds says: “Schools with the best exam performance are proving to be an increasingly strong draw for home-movers, as we’ve seen house prices rise sharply in locations close to such schools.
“Our analysis shows that since 2011 average house prices in areas with the best state schools have increased by £76,000, compared to a national increase of £42,145.
“And seven of the areas covered in this survey have seen house prices rise by over £100,000 in the last five years.
“The popularity of areas close to high performing schools may mean that homes remain unaffordable for buyers on average earnings.”