More parents willing to pay thousands to be nearer to good schools in England are paying up to hundreds of thousands of pounds more for their homes in order to get their children a place at top state schools.
Research has shown that parents are increasingly more willing to spend more to live closer to a top performing school. In fact – an average of £53,000 more (an increase of £13,000 from last year.)
A typical property in the postal districts of one of England’s top 30 state schools costs around 17% more than the average home in a neighbouring location, according to the study by Lloyds.
Overall, parents can expect to spend an average of £366,744 to live in the areas closest to England’s top 30 state schools, compared to a national average of £313,318.
Six of those top schools – including the Henrietta Barnett School, which was named the top performing school in the country for GCSE grades last month – have pushed their local house prices up to a record of at least £150,000 above their county averages.
Andrew Mason, Lloyds Bank mortgages director 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."
