Price premium to live near top state school in England is over £180,000
Parents can end up paying a price premium of £180,000 to live near an outstanding rated state secondary school in England, a new study suggests.
Less than a quarter of top state schools are in areas with house prices under the national average, according to the research from online mortgage broker Trussle.
It found that there are currently 703 outstanding rated state secondary schools, academies and colleges across England and the average asking prices in the same postcode areas as these schools stand at £427,116, some £180,116 or 73% more than the average English house price of £247,000.
Ofsted rates schools as outstanding if they ‘provide exceptionally well’ for their pupils’ needs and ‘prepare them for the next stage of their education or employment at the highest possible level.’
For example, to move near to London’s Holland Park School, parents will need to be able to afford a home worth £3.42 million. Indeed, 19 of the 20 most expensive areas with outstanding state schools are in London.
There are some better value options in London with 10 of the top rated ‘outstanding’ schools in postcode areas with typical asking prices under the London average of £467,000. The capital’s best value outstanding school is Harris Academy South Norwood in London with parents needing £356,639 on average to move nearby.
Across England, there are 167 top rated state schools with homes valued under the national average price of £247,000. Out of all of the top rated state schools in the country, Feversham Academy and Carlton Bolling College, both in Bradford, have the cheapest nearby house prices at an average of £91,634. Overall, six outstanding rated schools in Bradford appear in the cheapest 10 areas of the country.
‘It’s clear that the close proximity of a top-rated secondary school can have a significant impact on property prices in the local area. Living near to good schools is a priority for many parents, be it within the catchment area of certain schools or to reduce the amount of time ferrying children back and forth each day,’ said Trussle chief executive officer Ishaan Malhi.
‘The premium on homes within these areas will be welcome for those already living there. However, it will likely deter some parents from moving closer to outstanding schools, particularly in London where the average first time buyer in the city now has to put down over £100,000 for a deposit,’ Malhi added.