What would you pay to live near a top school?

Image of hands being raised
Hands up if you've got £53,000
"Parents are willing to spend up to £53,000 more on a house in order to send their kids to a top state school"
  • | by Kristian Dando

When you’re looking to move house, what do you look for?

Maybe it’s an abundance of green space. How about pubs and eateries aplenty? Or perhaps it’s community spirit and a massive garden?

Or maybe what you’re really looking for is a good school.  Well, not if you don’t have kids. That would just be weird.

According to a bit of research carried out by banking behemoth Lloyds, doting parents are willing to shell out a jumbo-sized £53,000 more to live near a top-performing state school. That’s a positively humongous £13,000 more than they would in a similar survey carried out last year.

This means that property prices near top-performing state schools are much more expensive than they tend to be to middling or low performing ones.

For instance, homes near Beaconsfield High School in Buckinghamshire pay the highest premium of £629,021 (171%) compared to the average house price in neighbouring areas.

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 the price of property in such areas mean that parents on average or lower incomes can’t afford to move there, arguably creating ‘privatisation through the back door’.

“The popularity of areas close to high-performing schools may mean that homes remain unaffordable for buyers on average earnings,” said Mason.

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