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Parents pay £53,000 extra for home near top state school in England

Published 05/09/2016

Lloyds Bank said buying a property near a top-performing state school can be a
Lloyds Bank said buying a property near a top-performing state school can be a "shrewd investment".

Parents in England face paying a premium of £53,000 typically for their family to live near a top-performing state school.

Average property prices have reached £366,744 in the postal districts of the 30 state schools in England which achieved the strongest GCSE results in 2015, research from Lloyds Bank found.

Homes in these areas typically trade at a premium of £53,426 - or 17% - compared to the average house price in the surrounding counties, at £313,318.

But some parents face paying a much higher premium. Properties in the postal district of Beaconsfield High School, Buckinghamshire, have the largest premium, with homes trading at £629,021 above the county average house price of £367,191, according to the research.

Lloyds said buying a property near a top-performing state school can be a "shrewd investment".

It said parents who bought a home near one of the top 30 schools just before their child first entered secondary school in 2011 have seen an average house price rise of £76,000. This is a significantly faster rise than in England as a whole, where the average house price has grown by £42,145 over the same period.

Andrew Mason, Lloyds Bank mortgage products 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."

But he continued: "The popularity of areas close to high performing schools may mean that homes remain unaffordable for buyers on average earnings."

Lloyds used Land Registry house price figures as well as 2015 GCSE performance data from the Department for Education.

Here are the 10 areas which command the biggest cash premiums to live near a top-performing state school in different parts of England, according to Lloyds Bank.

The research shows the postal district and the county followed by the average house price near to the school, the average house price in the surrounding county and the premium parents can expect to pay in cash and percentage terms:

1. Beaconsfield High School, HP9, Buckinghamshire, £996,212, £367,191, £ 629,021, 171%

2. The Henrietta Barnett School, NW11, Barnet, £1,011,016, £581,510, £ 429,506, 74%

3. Sir William Borlase's Grammar School, SL7, Buckinghamshire, £587,272, £367,191, £ 220,082, 60%

4. The Tiffin Girls' School, KT2, Kingston upon Thames, £721,078, £529,066, £ 192,011, 36%

5. Dr Challoner's High School, HP7, Buckinghamshire, £535,498, £367,191, £ 168,308, 46%

6. Altrincham Grammar School for Girls, WA14, Cheshire, £380,847, £229,127, £ 151,720, 66%

=7. Stratford Girls' Grammar School, CV37, Warwickshire, £344,502, £256,777, £ 87,725, 34%

=7. King Edward VI School, CV37, Warwickshire, £344,502, £256,777, £ 87,725, 34%

9. The Skinners' School, TN4, Kent, £394,904, £308,286, £ 86,618, 28%

10. Clitheroe Royal Grammar School, BB7, Lancashire, £232,694, £153,238, £ 79,455, 52%

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