Homes near England's top state schools have an average house price of 415,844 pounds
Parents looking to buy a home close to one of the country’s top 30 performing state schools face paying an average house price of £415,844, according to new research by Lloyds Bank.
This is £128,615 (or 45%) higher than in England as a whole (£287,229).
Average property prices in the postal districts of the top 30 state schools in England – defined as the secondary schools that achieved the best GCSE results – were on average £43,490 (12%) higher than other locations in the same county (£372,354).
Homes near Beaconsfield High School in Buckinghamshire pay the biggest premium of £643,181 (158%) compared to the average house price in neighbouring areas. Homes close to the Henrietta Barnett School in Barnet command the second-highest premium of £367,632 (59%). These schools are followed by Dr Challoner’s Grammar School in Buckinghamshire with a premium of £246,598, and the Tiffin Girls’ School and Tiffin School in Kingston upon Thames (both £167,628).
But parents don’t always have to pay a premium to live near a top school
Almost half of England’s top 30 state schools – 14 in total – are in locations where the average property price is below the mean for the area. With an average price of £288,430, properties close to the Reading School and Kendrick School, both in Reading, are £132,718 (-32%) below the county average, which is the biggest discount for a house near a top-performing state school within the survey. These are followed by Aylesbury High School in Buckinghamshire with a discount of £112,674 and King Edward VI Handsworth School in Birmingham (-£82,640).
Homes near top-performing state schools outpace national average
In the past five years, the average price in the areas with a top-performing school has grown by £116,696 (or 39%) to £415,844.
Over half of the schools are in locations where the average value has grown by at least £85,000 since 2012.
High property values price out many parents on average earnings
Those who earn the average salary in these areas may find it difficult to purchase a property close to many of the best state schools. The average house price of £415,844 in the postal districts of the 30 best-performing state schools is almost 11 (10.7) times average gross annual earnings (£38,730). This is significantly higher than the average across England of 8.1.