Home Residential Property Parents ready to fork out £53,000 extra to live closer to top schools

Parents ready to fork out £53,000 extra to live closer to top schools

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5th Sep 16 11:03 am

New research shows

Parents are paying out more to live nearer to Englands top state schools, a new study has found.

New research from Lloyds bank shows that many are willing to pay an average of £53,000 extra to live nearer to the scools with top academic grades.

This figure is a 31 per cent increase on last year’s figures. Average property prices have now reached £366,744 in the postal districts of the top 30 state schools in England which achieved the highest GCSE results in 2015.

Six of the top 30 schools have pushed their house prices at a massive £150,000 above their county averages.

Homes near Beaconsfield High School in Buckinghamshire saw the biggest increase, with many homes selling for almost £630,000 which is 171 per cent above the county average house price which currently sits at £367,191.

Andrew Mason, mortgage products director at Lloyds Bank, told Sky News: “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.”

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