But recently-published research has revealed that homeowners are willing to pay a premium to live near the best-performing educational establishments.
House prices near the country’s top state schools jumped by nearly 40% in the past five years, according to the analysis – an average increase of £116,696 in England – and much faster than the national average of just £51,624 (a 22% rise)
Buyers will pay an average house price of £415,844 for a home close to one of the country’s 30 top comprehensive secondary schools, ranked by GCSE results. That’s £128,615 (45%) higher than the UK average house price of £287,229.
The latest research shows that homes near Beaconsfield High School in Buckinghamshire attracted the highest premium of £643,181 (158%) compared with the average house price in surrounding areas. In my own region of Greater Manchester, Trafford boasts some of the best schools in the country, meaning competition for places has always been high, pushing up house prices. For example, the average house in Altrincham, where most of the borough’s best schools are located, is worth £459,697.
However, the study also reveals that 14 of England’s top 30 state schools are located where the average property price is below the average for the area. With a price of £288,430, properties near the Reading School and Kendrick School, both in Reading, are 32% below the average for the county, or £132,718 - the biggest discount for a house near a top performing state school, according to the survey. Properties which share the postcode of King Edward VI Handsworth School in Birmingham were the least expensive in the survey at £113,675 and are the most affordable with a house price to earnings ratio of 3.7.
These figures will clearly be of interest to parents looking for the best schools for their children. Investors looking for buy-to-let properties in areas popular with young families should also take note of this interesting research, as it shows how good schools tend to affect the popularity of residential areas in the same way as fast broadband speeds or convenient transport links, and they should take all these factors into account when deciding where to buy their next property.
