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  • Property Prices

    Huge effect of good schools on house prices

    Living in the catchment area of one of England’s top 100 state secondary schools carries a 42% house price premium compared to the surrounding area. That’s according to new research from Santander Mortgages.

    It found it wasn’t just homes near high-performing secondary schools that command a house price premium, properties close to one of England’s top 1,000 state primary schools also carry with them an 8% uplift in house prices.

    Parents throughout the whole of the UK are willing to pay a premium to secure a place for their child in their desired school. In fact, parents with school age children who have moved or are willing to move to live in their preferred catchment area are ready to pay £26,860 more than the average UK property price in a bid to land a space at a top school.

    Full/source article

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    The latest data and analysis from Lloyds Bank has revealed, that across the UK, in areas with top performing state schools, house prices have grown by 35% in comparison to the average of 20% over last five years.

    According to Lloyds, 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.

    The average house price in areas close to top performing state schools is now £400,850 compared to the average of £293,824 – a difference of £107,026.

    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% 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% to £251,461.

    Two thirds of the top performing schools are in locations where average house prices have grown by at least £80k in the past 5 years and half (10) of which are in Greater London.

    Full/source article

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