4th September 2015
Parents face shelling out with more than £40,000 extra to secure a home close to the country’s top performing state secondary schools, according to new research by Lloyds Bank.
In 2015, house prices in the postal districts of the top 30 state schools in England – defined as those secondary schools that achieved the best GCSE results in 2014 – were on average £40,728, or 13% higher than the neighbouring locations in their counties.
Overall, average property prices have now reached £344,446 in the postal districts of the top 30 state schools in England.
But the postal districts of six of the 30 top state schools command an eye-watering house price premium of more than £125,000 compared to their surrounding locations. Homes in the postal district of Beaconsfield High School in Beaconsfield have the largest premium with homes trading at £636,132, some 186%, above the average house price, of 342,166, in neighbouring areas.
House prices in the postal district of The Henrietta Barnett School in Barnet trade at a premium of £418,860, the second highest, followed by St. Olave’s and St. Saviour’s Grammar School in Orpington, at £180,447 and the Tiffin schools in Kingston upon Thames, with a premium of £137,665.
But good state schools are not always in pricey areas as more than half, or 16, of England’s top 30 state schools are in locations with an average property price below their neighbouring areas’ average. Properties in the postal district of Aylesbury High School trade at a 36% discount of £122,506 compared to the county average of £342,166. The next largest price discounts, of £119,485, are in Reading, where Reading School and Kendrick School are located.
Andrew Mason, Lloyds Bank mortgages director said:”In general, homes close to the nation’s top performing state schools command a significant premium over neighbouring areas. The presence of a top performing state school appears to help support property values in many of these locations as parents compete with other buyers to land the property that gives their child the best possible chance to attend their chosen school.”
The postal districts of the top performing secondary state schools in seven of the nine English regions command a house price premium compared to their county average. The North West has the largest premium with average house prices in the postal districts of the top 10 state schools in the region trading at £66,398, or 39%, above the average house price in their county. This is followed by East Anglia, at £48,642 or 20% and the South East at £45,871 or 15%.
In contrast, homes in the East Midlands and the South West that are close to the best performing state schools are, on average, around £6,600 (or 3%) lower than in neighbouring locations.
House prices in postal districts of the highest ranked secondary state schools in England 2015 – House prices above county/borough average
|School||Postal District||County||Average House Price 2015* (£)||Average House Price in County 2015* (£)||Premium to County 2015 £||Premium to County 2015 %|
|Beaconsfield High School||HP9||Buckinghamshire||978,299||342,166||636,132||186%|
|The Henrietta Barnett School||NW11||Barnet **||971,882||553,023||418,860||76%|
|St Olave’s and St Saviour’s Grammar School||BR6||Kent||463,969||283,521||180,447||64%|
|The Tiffin Girls’ School||KT2||Kingston Upon Thames **||631,593||493,928||137,665||28%|
|Tiffin School||KT2||Kingston Upon Thames **||631,593||493,928||137,665||28%|
|Altrincham Grammar School for Girls||WA14||Cheshire||347,322||219,151||128,171||58%|
|Stratford Girls’ Grammar School||CV37||Warwickshire||336,746||243,340||93,405||38%|
|King Edward VI School||CV37||Warwickshire||336,746||243,340||93,405||38%|
|The Skinners’ School||TN4||Kent||371,149||283,521||87,628||31%|
|South Wilts Grammar School for Girls||SP1||Wiltshire||281,467||237,472||43,994||19%|
|Top thirty State Schools average||344,466||303,738||40,728||13%|
Sources: Lloyds, Land Registry and Department for Education * Average price for 12 months to May