The data, from online mortgage broker Trussle, reveals that parents face now face on average a £195,919 premium to live near schools which ‘provide exceptionally well’ for their pupils’ needs and ‘prepare them for the next stage of their education or employment at the highest possible level.’
Using data from Zoopla, Trussle examined house prices across 703 postcodes in England that included Ofsted rated ‘outstanding’ state secondary schools. This revealed that a home in these postcodes secured an average price of £446,919, £195,919 above the ONS average English house price of £251,000.
In 2019, the broker revealed that buyers faced an average additional cost of £180,116. Now, despite economic uncertainty and the Coronavirus pandemic, Trussle’s latest research has found this premium has increased by £15,803 in just a single year.
Recent reports have suggested that homebuyers’ priorities could be shifting due to the challenges urban residents experienced during the lockdown. These include smaller living spaces and limited access to green areas. However, increasing premiums between 2019 and 2020, signal that parents are still prioritising their children’s future when looking for a new home. Trussle’s data follows Nationwide’s July house price index which reported an increase in house prices despite household finances being stretched and a recession.
Of the postcodes, Trussle surveyed, over 78% had property prices above the average English house price of £251,000. As was the case in 2019, London continues to dominate the price rankings, with 18 schools in the 20 most expensive postcodes, and a top price of £3,815,826 for a home near The St Marylebone CofE School.
Top 10 most expensive areas with ‘outstanding’ rated state schools:
However, for parents looking for a bargain property near an ‘outstanding’ school, Trussle found that 153 postcodes offered house prices below the national average. With six schools among the 10 cheapest areas in the country, as in 2019, Bradford remains the most affordable city to purchase a home near an ‘outstanding’ rated state secondary school (£99,790).
Top 10 cheapest areas with ‘outstanding’ rated state schools:
Miles Robinson, Head of Mortgages at Trussle, comments: “Recent reports suggest that buyers’ are prioritising space and access to green areas above all else since the recent lockdown. But, the increasing premiums of house prices near ‘outstanding’ rated state secondary schools clearly demonstrates that parents are still prioritising their children’s education above other factors. As a result, this continues to drive up prices near top schools and the premium on homes within these areas will be welcome for those already living there.
However, purchasing a home near a good school doesn’t mean you need to necessarily pay above the odds. The most expensive homes near top-rated schools are of course in and around the Capital. What’s more, there are a huge number of areas across the country that offer competitive prices against the average cost of a home. And so, for those who might be willing to consider relocating, there are still opportunities to secure a dream home that will also put your child’s education first.”
