"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"
There are currently 703 ‘outstanding’ rated state secondary schools, academies and colleges across England. Trussle has found average asking prices in the same postcode areas as these schools stand at £427,116 – a £180,116 (or 73%) premium on top of the average English house price of £247,000.
The research found that homes close to more than three quarters (76%) of England’s best rated state schools have asking prices higher than the £247,000 average house price.
Parents hoping to move close to Holland Park School in West London face the biggest premium, with average property prices costing £3.42 million. 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 – an average of £91,634. Overall, six outstanding-rated schools in Bradford appear in the cheapest 10 areas of the country.
Founder and CEO of Trussle, Ishaan Malhi said: “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.
"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 deposit6.
"It’s certainly worth parents who are considering their child’s future education weighing up the options available to them. Outside of London, there are over 160 top-rated schools with house prices in the area being under the national average - and Government schemes like Shared Ownership can make owning a home more accessible."
