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Parents Willing To Pay 53,000 More To Buy Homes Near Top Schools


09-06-2016

 

Six of the top 30 schools have pushed house prices at least a whopping 150,000 above their county averages.

Houses in southeast London. File picture

Parents are paying a much higher premium for homes near the top 30 schools

Parents in England are forking out thousands and in some cases, hundreds of thousands of pounds more for their homes in order to ensure their children are able to attend top performing state schools.

New research from Lloyds Bank shows that many are willing to pay an average of 53,000 extra to secure homes close to schools with the best academic outcomes.

The figure marks a 31% increase on last year.

Average house prices have now reached 366,744 in the catchment areas surrounding England's top 30 state schools, compared to a general average of 313,318 elsewhere.

The top performing schools are judged as those with the strongest GCSE results last year.

Six of the top 30 schools appear to have pushed house prices at least a whopping 150,000 above their county averages.

Homes near Beaconsfield High School in Buckinghamshire saw the biggest premium, with homes selling for almost 630,000 - 171% above the county average house price of 367,191.

Parents are paying a much higher premium for homes near the top 30 schools

The Henrietta Barnett School in Barnet, London, came second on the list with a 429,506 premium on homes, followed by The William Borlase's Grammar School in Buckinghamshire (220,082), The Tiffin Girls' School in Kingston upon Thames (192,011) and Dr Challoner's High School, also in Buckinghamshire (168,308).

Andrew Mason, mortgage products director at Lloyds Bank, said: "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."

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