Parents pay the price to live near top state schools in the country

The Telegraph is reporting that recent research has revealed many parents aim to live near the top-performing state schools in the country, paying premiums of up to £630,000. 

Parents trying to live near a top-performing state school face paying a premium of up to £630,000, new research has revealed. Lloyds Bank found in the postal districts of the 30 state schools in England which achieved the strongest GCSE results in 2015 average property prices have reached £366,744.

Lloyds said buying a property near a top-performing state school can be a “shrewd investment”. It said parents who bought a home near one of the top 30 schools just before their child first entered secondary school in 2011 have seen an average house price rise of £76,000.

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.”

More at: Parents pay the price to live near top state schools in the country

What do you think about the rising house prices? Are you willing to pay the extra to live near the top state schools? Let us know in the comments below or via Twitter. ~ Meena

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Comments

  1. Has any research been done into a drop in house prices if a formerly ‘top’ state school is downgraded?   The inspection system, however, colludes with this ‘top’ state school designation because it frees one-time outstanding schools from inspection unless there’s a noticeable problem.  Inspections should have a time limit and lapse after, say, five years.  Some ‘outstanding’ schools, particularly grammars, have been sitting on outstanding judgements since as far back as 2007.

  2. This research is based on just 30 ‘top-performing’
    schools.  Such a small sample can’t be used to generalise about house
    prices near all schools with good results.
    The average house price in England in June 2016 was £229,283
    (source https://www.gov.uk/government/publications/uk-house-price-index-england-june-2016/uk-house-price-index-england-june-2016).  The article claims the average price paid to
    be near the selected 30 schoos is £366,744. 
    The average ‘premium’ of houses near the selected 30 schools is
    £137,321.  But the headline figure is the
    hyped-up claim that parents could face a ‘premium’ of £630k (in London, maybe,
    but that’s hardly the case elsewhere).
    This article sounds more like propaganda from estate agents
    wanting to bump up prices near top-performing schools.

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