20 Sep

Homes attract premiums near good schools

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 price.

“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.ADNFCR-1222-ID-801840073-ADNFCR

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