Homes near top state schools cost an extra £34,000
House prices in the postal districts of the top 30 state schools in England were on average £33,631 (12%) higher than the neighbouring locations in their county according to the report.
Overall, the typical price of a home in the postal districts of England’s best state schools is £303,902. This is almost a third higher than the average house price across England of £236,321.
However, the postal districts of six of the 30 top state schools have a house price premium of more than £100,000 compared to their surrounding locations. Homes in the postal district of the Henrietta Barnett School in Hampstead Garden Suburb are the most expensive location among the top schools, followed by Altrincham Grammar School for Girls in the Cheshire postal district WA14.
Homes in the postal district for Lancaster Girls’ Grammar School are the most affordable among the best state schools with a house price to earnings ratio of 4.5.
Suren Thiru, Housing Economist, Lloyds TSB said: “In general, homes close to the nation’s top performing state schools command a significant premium over neighbouring areas. The presence of a good school appears to help support property values in many of these locations as parents compete with other buyers and investors to land the property that gives their child the best possible chance to attend their chosen school.
“The downside of high property values in many of these areas is that it can create a financial barrier to attending the best non-fee paying schools, with many lower and middle income families finding it very difficult to purchase a home in these locations.”buying house
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