If you own a residential property near a top state school in England, then house price growth will be nearly twice that of the national average.
According to a latest research by Lloyds Bank, house prices grew by 35 per cent (£104,365), in areas with top performing state schools compared to the average of 20 per cent (£49,082) over the last five years. The average house price in these areas is now over £400,000, compared to the average of £293,824, a difference of £107,026.
Moreover, house prices in the postal areas of the top 30 state schools are nearly 10 times average local earnings compared to 7.9 across England. This shows that parents are increasingly preferring homes closer to top state schools as providing a good education to their children is a top priority.
Incidentally, two-thirds (21) of the top performing schools are in locations where average house prices have grown by at least £80,000 in the past 5 years and half (10) of which are in Greater London.
House prices near The Latymer School in Enfield, North London (ranked 13th out of the top 30) have seen the most growth over 5 years, increasing by 59 per cent to £320,684. Outside of London, it is properties nearby to the Southend High School for Girls in Essex (ranked 23rd) that have seen the greatest increase in value over the last 5 years, rising by 50 per cent to £251,461.
Andrew Mason, Lloyds Bank mortgages director, said: "Providing their children with a good education is a priority for most parents and is often on the list of key considerations for families looking to decide where to live."