UK house prices in areas near the country's top performing state secondary schools are well above the average, new research by Lloyds Bank has shown.
According to the findings, home values in the postal districts around the 30 top-performing secondary state schools in England have reached £344,446, compared to the county average of £303,738, making for a £40,728, or 13 percent, premium. Properties near Beaconsfield High School in Buckinghamshire have the highest premium of £636,132, or 186 percent, compared to the average house price in neighbouring areas.
Other hotspots include the areas around Henrietta Barnett School in Barnet, with a 76 percent premium, St Olave’s and St Saviour’s Grammar School in Orpington, with a 64 percent premium, and the Tiffin schools in Kingston upon Thames, where prices are 28 percent above the country average. However, not all top schools were surrounded by high-priced homes. Residential properties in the East Midlands and the South West that are close to the best performing state schools are, on average, around £6,600, or three percent, lower than in neighbouring locations.
The study further estimated that across all 30 postal districts of top-performing schools, the average house price was 9.2 times average gross annual earnings, compared to 7.7 times average gross annual earnings across England as a whole.
Lloyds Bank mortgages director Andrew Mason has commented on the findings of the research: “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.”