Buyers pay 45% more for a house near a top performing school
People across England are spending more on houses than they otherwise might in order to secure their kids a place at a top performing state school, it has been revealed.
According to a report released by Lloyds Bank, houses situated near to state schools that perform well have an average price of £415,844. This is an astonishing 45 per cent higher than the average paid across the country as a whole.
This is a trend that has been increasing in recent times, too, with parents who want to send their kids to a good school competing for homes in the catchment areas. Lloyds reports that while across England as a whole, the average house price has climbed by some 22 per cent in the last five years, in the vicinity of good schools, homes have gone up by 39 per cent, or £116,696.
Beaconsfield High School in Buckinghamshire is the most highly sought school in the country, with an average price nearby of £643,181, which is a massive 158 per cent higher than the average paid by buyers in the county as a whole.
"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.
However, it was also revealed that parents don't actually have to spend all that much to get their kids into a good state school. Although many command a premium, areas around 14 of the top 30 schools are actually cheaper than in their counties as a whole.
Find out more about letting agency software
20-September-17General Lettings News