Homes attract premiums near good schools
Properties close to leading state schools cost significantly more,
according to new research.
A study from Lloyds Bank revealed the average price of a home close
to a top school is £414,844 - 45 per cent higher than the
national average house price.
Average prices in the postcode areas of the top best-performing
state schools in England were 12 per cent more than other locations
in the same county.
The largest premium was seen close to Beaconsfield High School in
Buckinghamshire, with homes there costing 158 per cent more than
the average home in neighbouring areas.
However, the study also showed that many leading schools were
located in areas where the property price was below the regional
average. For instance, homes close to the Reading School and
Kendrick School cost 32 per cent below the county’s average
“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,’ said Andrew Mason,
Lloyds Bank mortgage products director.
“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,” he added.