If you’re considering moving house and want to make sure your next property is close to one of the best performing state schools in England, be prepared to pay a premium for your new home.
New research from Lloyds Bank has just revealed that homes near the top state schools in England have an average price of £415,844, which is 45 per cent higher than the national average of £287,229.
Those of you thinking that Buckinghamshire has a lot to offer and who are keen to live near Beaconsfield High School will pay the biggest premium of them all - £643,181. Looking to move near to Henrietta Barnett School in Barnet? Then expect to pay around £367,632 for your new house.
However, the good news for all you happy house hunters out there is that you actually don’t always have to pay through the nose in order to live near a good school. You might want to look at what properties are on offer in Birmingham near the King Edward VI Handsworth School, for example, where the average house price is £113,675. Or what about properties near the Reading School or Kendrick School (both in Reading), where average house prices now sit at £132,718.
Lloyds Bank mortgage products director Andrew Mason said: “All parents want to ensure their children get a good education, so it’s not surprising that homes in areas close to the top performing schools typically command a significant premium over the surrounding area and high demand has led to prices being out of reach for many buyers.
“If being near a top performing school is a priority however, you don’t necessarily need to pay extra to do so with almost half of the top 30 schools being in locations that cost less than the average of that area.”
Certainly, given the cost of private education picking a locale near a good state school might be a wise move for many of you out there. Further Lloyds Bank research recently revealed that the cost of privately educating your child has risen by more than 20 per cent in the last five years.
This means that those on an average UK salary would have to use 39 per cent of their earnings in order to pay the average annual day fees of more than £13,000!
House hunters planning to make the move up north, using estate agents in Hessle to help them get the job done, should check which schools are the best in the area they want to move to. The Hull Daily Mail recently published its first Real Schools Guide, with St Mary’s College in Hull coming top of the list.
This was followed by South Hunsley School and Sixth Form, Beverley Grammar School, Beverley High School, Hull Trinity House Academy, Wolfreton School and Sixth Form, Kelvin Hall School, Woldgate School and Sixth Form, The Snaith School and the Market Weighton School.