Homebuyers face paying an average £40,574 more to live in the same postcode district as one of the UK’s highest-ranking state secondary schools, according to research from Yopa.
The estate agency analysed property prices in postcode districts containing the country’s top 50 state secondary schools and compared them with averages across their wider local authorities.
Homes in the top-school locations average £415,791, compared with £375,217 across their respective local authorities – a premium of 9.8%.
However, the research found substantial variations, with the largest percentage premium exceeding 50%.
GRAMMAR SCHOOL PREMIUMS
Bishop Vesey’s Grammar School in Sutton Coldfield tops the rankings. Homes within its B74 postcode average £509,964, some £275,814 or 54.1% above the Birmingham average of £234,150.
Sutton Coldfield Grammar School for Girls follows, with homes in B73 averaging £402,432 – 41.8% above the wider Birmingham average.
Properties in HP6, home to Dr Challoner’s Grammar School in Amersham, average £796,141, representing a 38.4% premium over Buckinghamshire.
The Henrietta Barnett School in London follows with a 37% premium, while homes around Dr Challoner’s High School in Little Chalfont command 32.8% more than the wider local authority average.
Other schools featuring in the top 10 include Altrincham Grammar School for Girls and Altrincham Grammar School for Boys, both at 28%, Sir Thomas Rich’s School in Gloucester at 27.1% and Langley Grammar School at 25.9%.
NOT ALWAYS MORE EXPENSIVE
The analysis also found that living close to a highly ranked state school does not automatically carry a premium.
Homes in the postcode containing Reading School and Kendrick School average £276,870 – 30.5% below the wider Reading average of £361,243.
Prices around Friends’ School Lisburn are 30.2% below the Lisburn and Castlereagh average, while the N9 postcode containing The Latymer School is 30.1% cheaper than Enfield as a whole.
Verona Frankish (main picture, inset), CEO of Yopa, says: “For many homebuyers with children, the quality of local schools is one of the most important considerations when deciding where to live and, with the new school year approaching, education will be front of mind for many families considering their next move.
“This sustained level of demand naturally helps to support house prices within reach of the very best schools and our research shows that, on average, buyers face paying around £40,000 more to live within the postcode district of a top-performing state secondary.”
