Homes near top state schools cost £34,000 extra

10 September 2012

Parents shell out an extra £33,631 when buying a home in an area close to a top-performing state school.

Buying a property near England's 30 best state schools adds 12% to the price tag, compared to house prices in neighbouring locations – according to a survey by Lloyds TSB.

However, for a home close to the top six schools buyers can expect to shell out an additional £100,000.

The largest premium can be found in the area near Henrietta Barnett School in North London where houses cost an average £827,496 – 91% above the average house price in the surrounding area.

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Overall, buying a property in the same postcode as England's best state schools costs £303,902, compared to the country's average house price of £236,321.

"The presence of a good school appears to help support property values in many of these locations as parents compete with other buyers and investors to land the property that gives their child the best possible chance to attend their chosen school," says Suren Thiru, Lloyds TSB housing economist.

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