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House price growth almost twice as fast near top state schools

25 September 2018 Written by Owen White Catlin Solicitors Category: Conveyancing

Over the last five years, house price growth in areas with high performing state schools has substantially outpaced the rest of the country, according to the latest study from Lloyds Bank.

House prices near the 30 top performing state schools - compiled using 2017 GCSE performance data and based upon the percentage of pupils achieving 5+ A*-C GCSEs and the percentage of A-A* grades awarded - grew by 35% (£104,365) over the past five years; compared to the English average of 20% (£49,082) for the same period. The average house prices in areas close to the top performing state schools are now £400,840 compared to the average of £293,824; a significant difference of £107,026.

House prices that have seen the most growth reside near The Latymer School in Enfield, North London (ranked 13th), increasing by 59% to £320,684. Outside of London, properties that have seen the most significant increase are nearby Southend High School for Girls in Essex (ranked 23rd), rising by 50% to £251,461. 21 of the top performing schools are located where average house prices have increased by at least £80,000 in the last five years, with 10 of those being in Greater London.

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On average, house prices in the postal regions of the top 30 schools are 8% (£30,968) higher than other locations in the same county or local authority. Houses nearby Beaconsfield High School in Buckinghamshire (ranked 29th) command the largest premium (149%), with homes worth just over £1 million compared to the county average of £408,908. This is twice the premium of the next highest house price premium; 74% in Cheshire (£434,756 compared to £249,829), home to both Altrincham Grammar School for Girls (ranked 10th) and Loreto Grammar School (ranked 20th).

Eleven of the top 30 schools are priced under the English average, with properties nearby the High School for Girls in Gloucestershire (ranked 19th) being 44% (£129,982) below the county average. Overall the average house price in postal areas of the top 30 schools is 9.9 times the average local earnings; compared to 7.9 across England. The least affordable homes are close to Henrietta Barnett School in Barnett (ranked 1st), where houses are 22.2 times the gross average annual earnings in the area. In contrast, properties nearby King Edward VI Handsworth School in the West Midlands (ranked 6th) are the most affordable, with prices just 3.7 times the average local earnings.

Lloyds Bank mortgages director Andrew Mason believes that the research demonstrates that a critical consideration for families deciding where to live is ensuring they can provide their children with good education. He continues that despite the apparent premium attached to some areas surrounding the best state schools, there are also numerous that come in under the county average, primarily outside of London and the South East; where homes remain more affordable as opposed to average earnings.

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